Nouvel Corporation has 300,000 shares of $10 par value capital stock outstanding. Prepare journal entries to record the following transactions during the current year: 

Mar. 1 Declared a 40% stock dividend. Market price per share was $70. 

Apr. 10 Issued the shares for the stock dividend declared on March 1. 

Dec. 15 Distributed additional shares of capital stock in a 2-for-1 stock split. Market price per share was $60 immediately before the stock split. Declared a 10% stock dividend. Market price per share was $32.

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To record the transactions for Nouvel Corporation you need to prepare journal entries as follows Mar... View the full answer