Question

Race Corporation has 420,000 shares of $5 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 $0.75 per share.
Aug. 1 Paid the $0.75 cash dividend to the stockholders.
Aug. 4 Declared a 3% stock dividend. The current market price is $13 per share.
Sept. 12 Issued the stock dividend declared on August 4.
Oct. 1 Declared a 5% stock dividend. The current market price is $21 per share.
Nov. 2 Issued the stock dividend on October 1.



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  • CreatedApril 24, 2014
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