On January 1, 2021, Lumine Retailer Corporation purchased 30,000 shares of Aether Rice Miller Inc. 30 each. During March 2021, 5% stock dividends were declared and distributed. The fair value of the stock on dividend declaration date were 22 each. On June 1, 2021, the board declared property dividends are to be distributed on June 25. A kilo of rice is valued at 28.

What is the journal entry on June 25 if Lumine plans to have dividends as additional items to be sold in its store?

Answer rating: 100% (QA)

Date June 25 2021 Debit Inventory Ac 660000 Credit To Property Dividen... View the full answer