Question

The shareholders’ equity of Core Technologies Company on June 30, 2020, included the following: Common stock,...

The shareholders’ equity of Core Technologies Company on June 30, 2020, included the following:

Common stock, $1 par; authorized, 8 million shares;
issued and outstanding, 3 million shares
$ 3,000,000
Paid-in capital—excess of par 12,000,000
Retained earnings 19,000,000


On April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies’ common stock was $34 on April 1, 2021, and $44 on June 1, 2021.

Required:
Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend.

rev: 07_13_2019_QC_CS-173076

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