Epic the. has 11600 shares of $2 par value common stock outstanding. Epic declares a 21% stock dividend on July 1 when the stock's market value is $24 per share. The stock dividend is distributed on July 20.
Homework Answers
| Date | General Journal | Debit | Credit |
| Jul-01 | Retained earnings (11600 X 21% X $24) | $ 58,464 | |
| Common stock distributable (11600 X 21% X $2) | $ 4,872 | ||
| Paid - in - capital in excess of par - common stock | $ 53,592 | ||
| Jul-20 | Common stock distributable | $ 4,872 | |
| Common stock | $ 4,872 | ||
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