Question
Exercise 18-19 (Algo) Stock dividend [LO18-8] The shareholders’ equity of Core Technologies Company on June 30,...
Exercise 18-19 (Algo) Stock dividend [LO18-8]
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, 4 million shares |
$ | 4,000,000 | |
| Paid-in capital—excess of par | 16,000,000 | ||
| Retained earnings | 17,000,000 | ||
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
$38 on April 1, 2021, and $48 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.
omplete this question by entering your answers in the tabs below.
- Stock Dividend
- General Journal
Complete the below table to calculate the stock dividend.
|
-
1
Record the declaration of the stock dividend.
-
2
Record the distribution of the stock dividend
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