Homework Answers
| Answer | |||
|
|||
| Question | Account | Debit | Credit |
| Mar 3. 2017 | Retained earnings | $ 72,80,000 | |
| Stock dividend distributable | $ 72,80,000 | ||
| [ 1 new share issued for 1 share @5.6 per share] | |||
| NOTE: Stock dividend recorded at par value. | |||
| Extra Working Note | |||
|
|||
| Mar 3. 2017 | Retained earnings | $ 6,76,000 | |
| Cash dividend payable | $ 6,76,000 | ||
| [ Dividend @0.52 per share for 1.3M shares] | |||
|
|||
| May 24. 2017 | Stock dividend distributable | $ 72,80,000 | |
| Common stock | $ 72,80,000 | ||
| [Stock dividend paid] | |||
|
|||
| May 24. 2017 | Cash dividend payable | $ 6,76,000 | |
| Cash | $ 6,76,000 | ||
| [Cash dividend paid] | |||
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