The stockholders' equity for Shami, Inc., on December 31, 2017, follows: (Click the icon to view...

  

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The stockholders' equity for Shami, Inc., on December 31, 2017, follows: (Click the icon to view the stockholders' equity on December 31, 2017.) On May 31, 2018, the market price of Shami's common stock was $13 per share and the company distributed a 15 percent stock dividend. Read the requirements. ..... Requirement 1. Journalize the distribution of the stock dividend. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit May 31 Data table Stockholders' Equity Paid-in capital: Common stock, $1 par, 900,000 shares authorized, 90,000 issued and outstanding 90,000 Paid-in capital in excess of par-common 450,000 Total paid in capital 540,000 Retained earnings 360,000 $ 900,000 Total stockholders' equity .......: %24 %24 The stockholders' equity for Shami, Inc., on December 31, 2017, follows: (Click the icon to view the stockholders' equity on December 31, 2017.) On May 31, 2018, the market price of Shami's common stock was $13 per share and the company distributed a 15 percent stock dividend. Read the requirements. ..... Requirement 1. Journalize the distribution of the stock dividend. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit May 31 Data table Stockholders' Equity Paid-in capital: Common stock, $1 par, 900,000 shares authorized, 90,000 issued and outstanding 90,000 Paid-in capital in excess of par-common 450,000 Total paid in capital 540,000 Retained earnings 360,000 $ 900,000 Total stockholders' equity .......: %24 %24

Answer rating: 100% (QA)

Req 1 Stock issued as dividend 90000 15 13500 shares Pr... View the full answer