Homework Answers
| No. | Account Titles and Explanation | Debit | Credit |
| (a) | Retained Earnings (15960 x $18) | 287280 | |
| Common Stock Dividend Distributable (15960 x $10) | 159600 | ||
| Paid-in capital in excess of par - common stock | 127680 | ||
| (b) | Retained Earnings (31920 x $21) | 670320 | |
| Common Stock Dividend Distributable (31920 x $5) | 159600 | ||
| Paid-in capital in excess of par - common stock | 510720 |
Working:
(a) No. of common shares outstanding = $1140000/$10 = 114000
Stock dividend = 14% x 114000 = 15960 shares
(b) No. of common shares outstanding = $1140000/$5 = 228000
Stock dividend = 14% x 228000 = 31920 shares
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