Question

On January 1, Coronado Corporation had 76000 shares of $10 par value common stock outstanding. On...

On January 1, Coronado Corporation had 76000 shares of $10 par value common stock outstanding. On June 17, the company declared a 10% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The entry to record the transaction of June 17 would include a

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Answer #1
  • The complete journal entry on June 17 would be:

Date

Accounts title

Debit

Credit

Working

17-Jun

Stock dividend [or Retained earnings]

$114,000

[76000 shares x 10% x $15]

   Common Stock dividend distributable

$76,000

[76000 shares x 10% x $10 par]

   Paid in Capital in excess of Par - Common Stock

$38,000

[76000 shares x 10% x $5]

(to record declaration of dividend)

  • Choose your answer based on above journal entry.
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