Question

Vienna Corporation has 31,000 shares of $40 par common stock outstanding. On June 8, Vienna Corporation declared a 4% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $47 per share on June 8.

Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.

Jun. 8
Jul. 13
Aug. 12

Answer 1

Date	Accounts title	Debit	Credit	Working
June . 8	Stock Dividend	$58,280		31000 shares x 4% x $ 47 market price
	Stock Dividend distributable		$49,600	31000 shares x 4% x $ 40 par
	Paid in Capital in excess of Par - Common Stock		$8,680	31000 shares x 4% x $7
	(to record declaration)
Jul. 13	[No entry required]
Aug. 12	Stock Dividend distributable	$49,600		31000 shares x 4% x $ 40 par
	Common Stock		$49,600	31000 shares x 4% x $ 40 par
	(to record distribution)