Question: Question 43 (2 points) For items 42, 43 and 44 use the following information: The common stock of ASU Corporation is currently selling at

Question 43 (2 points) For items 42, 43 and 44 use the following information: The common stock of ASU Corporation is currently selling at

Question 43 (2 points) For items 42, 43 and 44 use the following information: The common stock of ASU Corporation is currently selling at $80 per share. The board of directors wish to reduce the share price and increase the share volume prior to a new issue. The per share parvalue is $10. 500,000 shares are issued and outstanding. What is the journal entry to record the following transaction? The board of directors voted a 100% stock dividend. Debit: Retained Earnings, 5,000,000; Credit: Common Stock, 5,000,000 No entry Debit: Treasury Stock, 5,000,000; Credit, Common Stock, 5,000,000 Debit: Common Stock, 5,000,000: Retained Earnings, 5,000,000

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