Question

Vincent Corporation has 92,000 share of $105 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $118 a share on June 30. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Journalize the entry required on June 30. If an amount box does not require an entry, leave it blank. June 30 Journalize the entry required on July 15. July 15 Journalize the entry required on July 30. July 30

Answer 1

Answer:

June 30

Dr Stock Dividend 325,680

Cr Common stock Dividend Distributable 289,800

Cr Paid capital in excess of par- common 35,880

July 30

Dr Common stock Dividend Distributable 289,800

Cr Common Stock $105 Par Value 289,800

Explanation:

Vincent Corporation Journal entry

June 30

Dr Stock Dividend 325,680

($118*92,000*.03)

Cr Common stock Dividend Distributable 289,800($105*92,000*.03)

Cr Paid capital in excess of par- common 35,880(325,680-298,800)

July 30

Dr Common stock Dividend Distributable 289,800

Cr Common Stock $105 Par Value 289,800