ZuoTi.Pro
Question

Entries for Stock Dividends Madrid Corporation has 39,000 shares of $80 par common stock outstanding. On...

Entries for Stock Dividends

Madrid Corporation has 39,000 shares of $80 par common stock outstanding. On June 8, Madrid Corporation declared a 2% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $125 per share on June 8.

Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.

Jun. 8
Jul. 13
Aug. 12
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Date General Journal Debit Credit
June 8 Stock dividends(39,000 shares × 2% × $125) $97,500
Stock dividends distributable(39,000 shares × 2% × $80) $62,400
Paid-in capital in excess of par-Common stock $35,100
July 13 No entry required
Aug. 12 Stock dividends distributable $62,400
Common stock $62,400
1 0
Add a comment
Know the answer?
Add Answer to:
Entries for Stock Dividends Madrid Corporation has 39,000 shares of $80 par common stock outstanding. On...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Entries for Stock Dividends Madrid Corporation has 23,000 shares of $80 par common stock outstanding. On...

    Entries for Stock Dividends Madrid Corporation has 23,000 shares of $80 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $95 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...

  • Entries for Stock Dividends Madrid Corporation has 26,000 shares of $30 par common stock outstanding. On...

    Entries for Stock Dividends Madrid Corporation has 26,000 shares of $30 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $36 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...

  • Entries for Stock Dividends Vienna Corporation has 24,000 shares of $20 par common stock outstanding. On...

    Entries for Stock Dividends Vienna Corporation has 24,000 shares of $20 par common stock outstanding. On June 8, Vienna Corporation declared a 3% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $27 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...

  • Entries for Stock Dividends Vienna Corporation has 40,000 shares of $20 par common stock outstanding. On...

    Entries for Stock Dividends Vienna Corporation has 40,000 shares of $20 par common stock outstanding. On June 8, Vienna Corporation declared a 3% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $25 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...

  • Entries for Stock Dividends Paris Corporation has 37,000 shares of $40 par common stock outstanding. On...

    Entries for Stock Dividends Paris Corporation has 37,000 shares of $40 par common stock outstanding. On June 8, Paris Corporation declared a 3% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $58 per share on June Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry...

  • Entries for Stock Dividends Zurich Corporation has 25,000 shares of $20 par common stock outstanding. On...

    Entries for Stock Dividends Zurich Corporation has 25,000 shares of $20 par common stock outstanding. On June 8, Zurich Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $24 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...

  • Entries for Stock Dividends Vienna Corporation has 16,000 shares of $40 par common stock outstanding. On...

    Entries for Stock Dividends Vienna Corporation has 16,000 shares of $40 par common stock outstanding. On June 8, Vienna Corporation declared a 4% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $63 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...

  • Entries for Stock Dividends Zurich Corporation has 32,000 shares of $70 par common stock outstanding. On...

    Entries for Stock Dividends Zurich Corporation has 32,000 shares of $70 par common stock outstanding. On June 8, Zurich Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $104 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no...

  • Entries for Stock Dividends Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding....

    Entries for Stock Dividends Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique Buggy Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $63 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. For...

  • 1)Madrid Corporation has 17,000 shares of $70 par common stock outstanding. On June 8, Madrid Corporation...

    1)Madrid Corporation has 17,000 shares of $70 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $81 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT