Homework Answers
Requirement a:
| No. | Account title and explanation | Debit | Credit |
| a | Stock dividend (19,390 x $18 market rate) | $349,020 | |
| Common Stock dividend distributable (19,390 x $10 par) | $193,900 | ||
| Paid-in Capital in Excess of Par-Common | $155,120 | ||
| [To record declaration of stock dividends] |
Calculations:
| Common shares outstanding | |
| On Jan 1,2020 ($1,010,000/$10 par) | 101,000 |
| On July 1,2020 | 37,500 |
| Total common shares outstanding | 138,500 |
Stock dividend = Outstanding shares x Stock dividend % = 138,500 x 14% =19,390
Requirement b:
| No. | Account title and explanation | Debit | Credit |
| b | Stock dividend (33,530 x $21 market rate) | $704,130 | |
| Common Stock dividend distributable (33,530 x $5 par) | $167,650 | ||
| Paid-in Capital in Excess of Par-Common | $536,480 | ||
| [To record declaration of stock dividends] |
Calculations:
| Common shares outstanding | |
| On Jan 1,2020 ($1,010,000/$5 par) | 202,000 |
| On July 1,2020 | 37,500 |
| Total common shares outstanding | 239,500 |
Stock dividend = Outstanding shares x Stock dividend % = 239,500 x 14% = 33,530
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