On January 1, Metlock, Inc. had 130000 shares of $ 10 par value common stock outstanding. On
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 1, Metlock, Inc. had 130000 shares of $10 par value common stock outstanding. On March 17 the company declared a 5% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a
debit to Common Stock Dividends Distributable for $65000.
credit to Paid-in Capital in Excess of Par Value for $19500.
credit to Cash for $65000.
debit to Stock Dividends for $19500.
Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
Posted Date: