AMP Corp. has outstanding 200,000 shares of $20 par value common stock. AMP declares a 10%...
AMP Corp. has outstanding 200,000 shares of $20 par value common stock. AMP declares a 10% stock dividend when the fair value of the stock is $30. The journal entries to record this declaration and payment of the stock dividend would be:
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| stock dividend (200000*10%*30) | 600000 | ||
| Common Stock dividend distributable | 400000 | ||
| Paid in capital in excess of par value-Common Stock | 200000 | ||
| (To Stock dividend declared) | |||
| Common Stock dividend distributable | 400000 | ||
| Common Stock | 400000 | ||
| (To record payment of Stock dividend) | |||
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