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kherson [118]
2 years ago
6

On September 1, the board of directors of Colorado Outfitters, Inc., declares a stock dividend on its 15,000, $6 par, common sha

res. The market price of the common stock is $35 on this date.
Required: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
anyanavicka [17]2 years ago
3 0

Answer:

Sept 1,

DR Stock dividends $52,500  

CR Common stock   $9,000

CR Additional paid in capital   $43,500

Sept 1,

DR Stock dividends $90,000  

CR Common stock  $90,000

 

Sept 1,

No journal entry required.

<u>Workings</u>

Small Dividends

<em>Stock dividends</em>

= 15,000 * 10% * $35

= $52,500

<em>Common stock </em>

= 15,000*10%* $6  

= $9,000

<em>Additional paid in capital</em>

= 52,500 - 9000

= $43,500

Large Dividends

<em>Stock dividends</em>

= 15,000 * $6

= $90,000

<em>Common stock </em>

= 15,000 * $6  

= $90,000

<em>No entry for stock splits.</em>

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