High Intensity Sports, Inc. has 12,000 shares of $2 par value common stock outstanding. High Intensity Sports,

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High Intensity Sports, Inc. has 12,000 shares of $2 par value common stock outstanding. High Intensity Sports, Inc. distributes a 5% stock dividend when the market value of its stock is $22 per share.

Requirements

1. Journalize High Intensity Sports, Inc.’s declaration of the stock dividend on August 15 and distribution on August 31.

2. What is the overall effect of the stock dividend on High Intensity Sports, Inc.’s total assets?

3. What is the overall effect on total stockholders’ equity?

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Related Book For answer-question

Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780137858651

8th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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Question Posted: Jun 26, 2023 07:11 AM

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High Intensity Sports, Inc. has 12,000 shares of $2 par value common stock outstanding. High Intensity Sports,

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1 Journalizing the declaration and distribution of the stock dividend On August 15 Debit Stock Divid...View the full answer

Horngrens Financial And Managerial Accounting The Financial Chapters

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