Homework Answers
Journal entry
| No | Date | account and explanation | Debit | Credit |
| 1 | Sep 15 | Stock dividend (1600000*12%*23.80) | 4569600 | |
| Common Stock dividend distributable | 960000 | |||
| Paid in capital in excess of par value-Common Stock | 3609600 | |||
| (To record stock dividend declared) | ||||
| 2 | Oct 01 | No journal entry | ||
| 3 | Oct 10 | Common Stock dividend distributable | 960000 | |
| Common Stock | 960000 | |||
| (To Stock dividend issued) |
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