Homework Answers
Solution
Journal entries for issuance and declaration of Stock Dividend are as follows :
Journal entry on the date of declaration:
| Retained Earnings | 142500 | |
| Stock Dividends Distributable | 142500 |
Journal entry on the date of distribution:
| Stock Dividends Distributable | 142500 | |
| Common Stock | 82500 | |
| Addition Paid-In Capital | 60000 |
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Brief Exercise 11-8
Langley Corporation has 48,600 shares of $10 par value common
stock outstanding. It declares a 10% stock dividend on December 1
when the market price per share is $17. The dividend shares are
issued on December 31.
Prepare the entries for the declaration and payment of the stock
dividend. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is...
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Brief Exercise 11-8
Langley Corporation has 48,600 shares of $10 par value common
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when the market price per share is $17. The dividend shares are
issued on December 31.
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presented in the problem. Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
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