On January 1, 2025, Lenne Corporation had $1,200,000 of common stock outstanding that was issued at par
Question:
On January 1, 2025, Lenne Corporation had $1,200,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock
at par on July 1 and earned net income of $400,000 for the year.
Instructions
Journalize the declaration of a 15% stock dividend on December 10, 2025, for the following two independent assumptions.
a. Par value is $10 and market price is $15.
b. Par value is $5 and market price is $8.
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Step by Step Answer:
a b Stock Dividends 22500 15 Common Stock Dividends ...View the full answer
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