On January 2, 2024, Palmer Corporation had $1,200,000 of $10 par common stock outstanding. They declare...

 

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On January 2, 2024, Palmer Corporation had $1,200,000 of $10 par common stock outstanding. They declare a 15% stock dividend. Prepare the entries to declare and issue the stock dividend assuming the market price was $50. Number of Shares of Common: ($1,200,000/$10) DR CR Common Stock b. Now assume they declare a 5% stock dividend when the par value was $5 per share and the market price was $25 per share. Number of Shares of Common: ($1,200,000/$5) On January 2, 2024, Palmer Corporation had $1,200,000 of $10 par common stock outstanding. They declare a 15% stock dividend. Prepare the entries to declare and issue the stock dividend assuming the market price was $50. Number of Shares of Common: ($1,200,000/$10) DR CR Common Stock b. Now assume they declare a 5% stock dividend when the par value was $5 per share and the market price was $25 per share. Number of Shares of Common: ($1,200,000/$5)