On July 1, Stubbs Corporation had 100,000 no-par-value common shares outstanding. On this day the board...
On July 1, Stubbs Corporation had 100,000 no-par-value common shares outstanding. On this day the board of directors declared a 10% share dividend. The fair market value of each share was $13. A possible entry to record this dividend is:
A.
| Share Dividend Declared | 100,000 | |
| Common Share Dividend Distributable | 100,000 |
B.
| Common Share Dividend Distributable | 130,000 | |
| Share Dividend Declared | 130,000 |
C.
| Share Dividend Declared | 130,000 | |
| Cash | 130,000 |
D.
| Share Dividend Declared | 130,000 | |
| Common Share Dividend Distributable | 130,000 |
E. No Entry
Homework Answers
| Accounts | Debit | Credit |
| Share Dividend Declared (100000*10%*13) | $130,000 | |
| Common Share Dividend Distributable | $130,000 |
Option D is correct answer.
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