The shareholders' equity of Core Technologies Company on June 30, 2020, included the following: Common stock,...
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The shareholders' equity of Core Technologies Company on June 30, 2020, included the following: Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 4 million shares Paid-in capital-excess of par Retained earnings $ 4,000,000 16,000,000 17,000,000 On April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $38 on April 1, 2021, and $48 on June 1, 2021. Required: Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend. General Stock Dividend Journal Complete the below table to calculate the stock dividend. Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued Value of stock dividend Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X: > Record the declaration of the stock dividend. 2 Record the distribution of the stock dividend. Credit The shareholders' equity of Core Technologies Company on June 30, 2020, included the following: Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 4 million shares Paid-in capital-excess of par Retained earnings $ 4,000,000 16,000,000 17,000,000 On April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $38 on April 1, 2021, and $48 on June 1, 2021. Required: Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend. General Stock Dividend Journal Complete the below table to calculate the stock dividend. Stock Dividend Number of outstanding shares Stock dividend percentage (%) Number of shares to be issued Value of stock dividend Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X: > Record the declaration of the stock dividend. 2 Record the distribution of the stock dividend. Credit
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ANSWER Number of outstanding shares 4000000 Stock dividend percentage 10 Number o... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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