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Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared...

Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared a 3% stock dividend to be issued on April 30 to stockholders of record on March 14. The market price of the stock was $90 per share on February 13. Required: Journalize the entries required on February 13, March 14, and April 30. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

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Answer #1

Journal entry

Date General Journal Debit Credit
Feb 13 Stock dividend (600000*3%*90) 1620000
Common Stock dividend distributable (600000*3%*75) 1350000
Paid in capital in excess of par value-Common Stock 270000
Mar 14 No Journal entry
Apr 30 Common Stock dividend distributable 1350000
Common Stock 1350000
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