On July 31, 201X, Steven Corporation had the following stockholders equity: Common Stock, $14 par value, authorized
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Common Stock, $14 par value, authorized 90,000 shares, 55,000 shares
issued and outstanding ............... $770,000
Retained Earnings ................. 170,000
Total Stockholders’ Equity ............... $940,000
On August 5, 201X, the board of directors declared a 13% stock dividend to be issued on September 6, 201X, to the stockholders of record on August 19, 201X. At time of declaration the market price was $26 per share. Prepare the appropriate journal entries for this stock dividend.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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