muhammad company has 7000 shares of $5 par value common stock. the company declares a 15%...
muhammad company has 7000 shares of $5 par value common stock. the company declares a 15% stock dividend when the market price of the stock is $45 per share. the journal entry for the event would contain which of the following?
Homework Answers
Answer:- Journal entry for the event" Issuance of stock dividend" will be
| Accounts and explanations | Debit $ | Credit $ |
| Retained earning | 47250 | |
| Common stock(7000shares X $5 X 15%) | 5250 | |
| Paid in capital in excess of Par($47250 -$5250) | 42000 | |
|
To record issuance of 15% stock dividend(7000 shares X $45 per share price X 15℅) |
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