Denim Industries has 1,000,000 shares of $10 par value common

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Denim Industries has 1,000,000 shares of $10 authorized, of which 400,000 shares have been issued and 380,000 are currently outstanding. On November 30, 2009, when the stock is trading at $40 per share, Denim declares a 10 percent stock of stockholders of record on December 24, 2009. The stock will be distributed on January 10, 2010.
Required:
(a) How many shares are in treasury on November 30?
(b) How many shares will be distributed on January 10, 2010?
(c) Prepare any necessary journal entries related to this stock on the following dates:
(1) Date of declaration
(2) Date of record
(3) Date of On Denim’s December 31, 2009, balance sheet, will Denim show a liability for the value of the undistributed stock divided? Why or why not?

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