Accounting for a stock dividend [5-10 min]
Yummy, Inc., had 310,000 shares of $1 par common stock issued and outstanding as of December 1, 2012. The company is authorized to issue 1,400,000 commonshares. On December 15, 2012, Yummy declared and distributed a 5% stock dividend when the market value for Yummy’s common stock was $3.
Requirements
1. Journalize the stock dividend.
2. How many shares of common stock are outstanding after the dividend?
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