Exercise 14-03 a-b (Video)
On January 1, 2020 , Cullumber Corporation hind $ 1,025,000 of common stock outstanding that was issued at pat. It also had retained earnings of $ 741,000. The company issued 36,000 shares of common stock at par on July 1 and earned net income of $ 410,000 for the year.
Journalize the declaration of a 14 % stock dividend on December 10,2020 , for the following independent assumptions.
a. Par value is $ 10, and market price is $18 .
b. Par value is $5 , and market price is $ 22.
Homework Answers
Journal Entries:
| No. | Account Titles and Explanation | Debit | Credit |
| a) | Stock Dividends ($1,025,000/$10 = 102,500 shares + 36,000 = 138,500 shares * 14/100 = 19,390 shares * $18 per share) | $349,020 | |
| Common Stock (19,390 shares * $10 par value) | $193,900 | ||
| Paid-in Capital in Excess of Par Value - Common Stock ($18 - $10 = $8 * 19,390 shares) | $155,120 | ||
| (To record the declaration and payment of 14% stock dividends) | |||
| b) | Stock Dividends (19,390 shares * $22 per share) | $426,580 | |
| Common Stock (19,390 shares * $5 par value) | $96,950 | ||
| Paid-in Capital in Excess of Par Value - Common Stock ($22 - $5 = $17 * 19,390 shares) | $329,630 | ||
| (To record the declaration and payment of 14% stock dividends) |
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