Question

Vincent Corporation has 95,000 shares of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 6% stock dividend to be issued on July 30 to stockholders of record July 15. The market price of the stock was $122 a share on June 30.

If no entry is required, select "No Entry" and leave the amount boxes blank.

Journalize the entry required on June 30. If an amount box does not require an entry, leave it blank.

June 30

Journalize the entry required on July 15. If an amount box does not require an entry, leave it blank.

July 15

Journalize the entry required on July 30. If an amount box does not require an entry, leave it blank.

July 30

Answer 1

Journal entries
Date	Account title & explanation	Debit	Credit
30-Jun	Retained earning (95000*122*6%)	695400
	stock dividend distributable (95000*100*6%)		570000
	paid in capital in excess of par		125400
15-Jul	no entry required
31-Jul	stock dividend distributable	570000
	common stock		570000

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