Question

Race Corporation has 380,000 shares of $9 par value common stock issued and outstanding. Record the following entries into the general journal for Race:
201X
July 2 Declared a cash dividend of $0.50 per share.
Aug. 1 Paid the $0.50 cash dividend to the stockholders.
4 Declared a 2% stock dividend. The current market price is $12 per share.
Sept. 12 Issued the stock dividend declared on August 4.
Oct. 1 Declared a 5% stock dividend. The current market price is $15 per share.
Nov. 2 Issued the stock dividend on October 1.



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  • CreatedApril 24, 2014
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