On The date of Declaration of Dividend out of profits the journal entry is
Particulars | Debit | Credit |
Retained Earnings A/c Dr. | 44400000 | |
To Dividend Payable A/c | 44400000 |
On the date of distribution the journal entry is:
Particulars | Debit | Credit |
Dividend payable account Dr. | 44400000 | |
To Cash | 44400000 |
Brief Exercise 15-14 Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The...
Brief Exercise 15-14
Sheffield Corporation has outstanding 323,000 shares of $10 par
value common stock. The corporation declares a 100% stock dividend
when the fair value of the stock is $67 per share.
Prepare the journal entries for both the date of declaration and
the date of distribution. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)...
Brief Exercise 15-14 Your answer is partially correct. Try again. Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Brief Exercise 15-13
Tamarisk Corporation has outstanding 446,000 shares of $10 par
value common stock. The corporation declares a 5% stock dividend
when the fair value of the stock is $66 per share.
Prepare the journal entries for Tamarisk Corporation for both the
date of declaration and the date of distribution.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0...
Brief Exercise 15-14 Pearl Corporation has outstanding 394,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
rief Exercise 15-13 ronghorn Corporation has outstanding 484,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $67 per share. repare the journal entries for Pronghorn Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. f no entry is required, select "No Entry" for the account titles and enter o...
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cheyenne Corporation has...
BACK NEXT Brief Exercise 15-14 Larkspur Corporation has outstanding 385,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the air value of the stock s $70 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for...
Sheridan Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Sheridan Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
Sheffield Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) tion. Credits requiredijele...
Current Attempt in Progress Waterway Corporation has outstanding 517,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the...