Homework Answers
Solution:
Stock Dividend to be recorded = Outstanding shares* 5% * Market price = 400,000 *5% *$7 = $140,000
| Accounts Title and explanation | Debit | Credit |
| Common Stock Dividend Distributable Dr | $1,40,000 | |
| To Common Stock | $1,40,000 | |
| (To record Distribution of stock Dividend) |
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