The shareholders' equity of Core Technologies Company on June 30, 2017, included the following: Common stock,...

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The shareholders equity of Core Technologies Company on June 30, 2017, included the following: Common stock, $1 par; authori

View transaction list Journal entry worksheet 1 2 Record the declaration of the stock dividend. Note: Enter debits before cre

View transaction list Journal entry worksheet 1 2 Record the distribution of the stock dividend. Note: Enter debits before cr

business accounting

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Answer 1

Answer #1

1)

Number of Outstanding shares	1,000,000
x Stock dividend percentage (%)	10%
Number of shares to be issued	100,000
x Market price on April 1, 2018	$ 34
Value of stock dividend	$ 3,400,000

Date	Account Titles and Explanation	Debit	Credit
April 01, 2018	Retained earnings	$ 3,400,000
	Common stock dividends distributable		$ 100,000
	Paid-in capital - Excess of par - Bal. Fig.		$ 3,300,000
	(To record the declaration of the stock dividend )

June 01, 2018	Common stock dividends distributable	$ 100,000
	Common stock		$ 100,000
	(To record the distribution of the stock dividend )

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