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Williams Co declared and distributed a 10% stock dividend on 80k shares of $1 par common...

Williams Co declared and distributed a 10% stock dividend on 80k shares of $1 par common stock outstanding when the market price was $60 per share. Record the stock dividend. Record the same transaction if the stock dividend was 30%. 10%

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Stock dividend : When issued 10%

No General Journal Debit Credit
a Stock dividend (80000*10%*60) 480000
Common Stock dividend distributable 8000
Paid in capital in excess of par-Common Stock 472000
b Common Stock dividend distributable 8000
Common Stock 8000

Stock dividend : When issued 30%

No General Journal Debit Credit
a Stock dividend (80000*30%*1) 24000
Common Stock dividend distributable 24000
b Common Stock dividend distributable 24000
Common Stock 24000
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