Hometown Bancshares has 40,000 shares of $3 par value common stock outstanding. Suppose Hometown declares and distributes
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Hometown Bancshares has 40,000 shares of $3 par value common stock outstanding. Suppose Hometown declares and distributes a 5% stock dividend when the market value of its stock is $15 per share.
1. Journalize Hometown’s declaration and distribution of the stock dividend on May 11. An explanation is not required.
2. What was the overall effect of the stock dividend on Hometown’s total assets? On total liabilities? On total stockholders’ equity?
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Req 1 Req 2 No effect on total ...View the full answer
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