Top Dog, Inc. has $14,000$ shares of $ $3$ par value common stock outstanding. Top Dog comma Inc.Top Dog, Inc. distributes a $10\%$ stock dividend when the market value of its stock is $$15$ per share.

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Part $1$

Requirement $1.$ Journalize Top Dog comma Inc.Top Dog, Inc.$\text{'}$s declaration of the stock dividend on June $15$ and distribution on June $30.($Record debits$$ first, then credits. Select the explanation on the last line of the journal entry$$ table.$)$

Start by journalizing the declaration of the stock dividend on June $15.$

Date

Accounts and Explanation

Debit

Credit

Jun. $15$

Stock Dividends

Common Stock Dividend Distributable

Paid$-$In Capital in Excess of Par$$Common

Declared a $10\%$ stock dividend.