Eastline Corporation had 18,000 shares of $10 par value common stock outstanding when the board of...
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Eastline Corporation had 18,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 6,480 shares. At the time of the stock dividend, the market value per share was $18. The entry to record this dividend is: Debit Common Stock Dividend Distributable $116,640; credit Retained Earnings $116,640. Debit Retained Earnings $116,640; credit Common Stock Dividend Distributable $64,800; credit Paid-In Capital in Excess of Par Value, Common Stock $51,84o. Debit Retained Earnings $64,800; credit Common Stock Dividend Distributable $64,800. No entry is needed. Debit Retained Earnings $16,640; credit Common Stock Dividend Distributable $116,640. Eastline Corporation had 18,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 6,480 shares. At the time of the stock dividend, the market value per share was $18. The entry to record this dividend is: Debit Common Stock Dividend Distributable $116,640; credit Retained Earnings $116,640. Debit Retained Earnings $116,640; credit Common Stock Dividend Distributable $64,800; credit Paid-In Capital in Excess of Par Value, Common Stock $51,84o. Debit Retained Earnings $64,800; credit Common Stock Dividend Distributable $64,800. No entry is needed. Debit Retained Earnings $16,640; credit Common Stock Dividend Distributable $116,640.
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Answer The correct option is C Debit Retained Earnings 64800 Credit common stock ... View the full answer
Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
Posted Date:
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