(L.OBJ. 1) Recording a small stock dividend [5-10 min]
Waveside Pool Supply has 16,000 shares of $3 par common stock outstanding. Waveside distributes a 10% stock dividend when the market value of its stock is $15 per share.
Requirements
1. Journalize Waveside’s distribution of the stock dividend on July 31. An explanation is not required.
2. What is the overall effect of the stock dividend on Waveside’s total assets?
3. What is the overall effect on total stockholders’ equity?
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