Question

1. On September 1, 2021, Mia Corporation's stockholders' equity section is as follows: Common stock, $20...

1. On September 1, 2021, Mia Corporation's stockholders' equity section is as follows:

Common stock, $20 par value

$ 1,000,000

Paid-in capital in excess of par

605,000

Retained earnings

400,000

Total stockholders' equity

$2,005,000

On October 1, Mia declares and a 14% stock dividend when the market value of the stock is $35 per share.

October 15, record date

October 20, issue date.

Instructions

Prepared the necessary journal entres for October 1, 15 and 20.

Business   Accounting   
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Answer #1

Requirement :

Date Accounts and Explanation Debit Credit
Oct.01,2021 Retained Earnings [(50000*14%)*35] $       245,000
Stock Dividend Distributable [(50000*14%)*20] $        140,000
Paid-In-Capital Excess of Par-Common stock [(50000*14%)*15] $        105,000
( To record declaration of stock dividend)
Oct.15,2021 No entry on record date
Oct.20,2021 Stock Dividend Distributable $       140,000
Common Stock $        140,000
( To record distribution of common stock)
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