Homework Answers
| Debit | credit | |
| A. Dividend (24,000*2) | $48,000 | |
| Dividend payable | $48,000 | |
| (To record declaration of cash dividend) | ||
| B. Stock Dividend (24000*5%*24) | $28,800 | |
| Stock dividend payable | $1200 | |
| Paid in capital in excess of par | $27,600 | |
| (to record declaration of stock dividend) | ||
| C. Retained earnings | $48,000 | |
| Dividend payable | $48,000 | |
| (paid cash dividend) | ||
| D. Retained earnings | $28800 | |
| Common stock (24000*1*5%) | $1200 | |
| Additional paid in capital | $27,600 |
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