On July 31, 201X, Lucky Corporation had the following stockholders equity Common Stock, $13 par value, authorized 89,000 shares, 59,000 shares issued and outstanding $767,000 Retained Earnings 240,000 Total Stockholders Equity $1,007,000 On August 5, 201X, the board of directors declared a 7 stock ...

Aug 5 Retained Earnings 103250 Common ...

On July 31, 201X, Lucky Corporation had the following stockholders equity: Common Stock, $13 par value, authorized

Question:

On July 31, 201X, Lucky Corporation had the following stockholders’ equity:

Common Stock, $13 par value, authorized 89,000 shares, 59,000 shares issued and outstanding	$767,000
Retained Earnings	240,000
Total Stockholders’ Equity	$1,007,000

On August 5, 201X, the board of directors declared a 7% 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 $25 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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