Homework Answers
Adjusting Entries:
| Date | Accounts | Debit | Credit |
| Oct. 10, 2016 | Stock Dividends (50,000*20/100 = 10,000 shares * $27 per share) | $270,000 | |
| Dividends Dstributable | $270,000 | ||
| (To record the declaration of stock dividends at 22%) | |||
| Oct. 10, 2016 | Dividends Distributable | $270,000 | |
| Common Stock (10,000 shares * $1.50 per share) | $15,000 | ||
| Additional Paid-in Capital ($27 - $1.50 = $25.50 per share * 10,000 shares) | $255,000 | ||
| (To record the payment of stock dividends) | |||
| a) | |||
| Date | Accounts | Debit | Credit |
| Oct. 10, 2016 | Stock Dividends (50,000*20/100 = 10,000 shares * $27 per share) | $270,000 | |
| Dividends Distributable | $270,000 | ||
| (To record the declaration of stock dividends at SMALL dividends (22%) | |||
| Oct. 10, 2016 | Dividends Distributable (50,000*20/100 = 10,000 shares * $27 per share) | $270,000 | |
| Common Stock (10,000 shares * $1.50 per share) | $15,000 | ||
| Additional Paid-in Capital ($27 - $1.50 = $25.50 per share * 10,000 shares) | $255,000 | ||
| (To record the payment of stock dividends at SMALL dividends) | |||
| b) | |||
| Date | Accounts | Debit | Credit |
| Oct. 10, 2016 | Stock Dividends (50,000 * $27 per share) | $1,350,000 | |
| Dividends Distributable | $1,350,000 | ||
| (To record the declaration of LARGE stock dividends at (100%) | |||
| Oct. 10, 2016 | Dividends Distributable | $1,350,000 | |
| Common Stock | $1,350,000 | ||
| (To record the payment of LARGE stock dividends at (100%) |
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