Recording Stock Dividends and Stock Splits (LO6) On September 1, the board of directors of Colorado Outfitters,
Question:
Recording Stock Dividends and Stock Splits (LO6) On September 1, the board of directors of Colorado Outfitters, Inc. declares a stock dividend on its 19,000 $10 par common shares. The market price of the common shares is $39 on this date.
Required: 1. Record the stock dividend assuming a small (10%) stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Record the stock dividend assuming a large (100%) stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. Record the stock dividend assuming a 2-for-1 stock split. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann