Homework Answers
Answer: b. Choice b
Explanations:
If 100% stock dividend were declared and distributed, then
Stock dividends = Outstanding shares x 100% x par value per share
=60,000 shares x 100% x $50
=$3,000,000
Journal entry:
| Account title | Debit | Credit |
| Retained earnings | $3,000,000 | |
| Capital stock | $3,000,000 | |
| [To record declared and distribution of stock dividend] |
So that,
Capital stock = + $3,000,000 Increased
Retained earnings = ($3,000,000) decreased
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