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kupik [55]
2 years ago
7

Swifty Corporation has 46,500 shares of $13 par value common stock outstanding. It declares a 15% stock dividend on December 1 w

hen the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (
Business
1 answer:
Olin [163]2 years ago
4 0

Answer:

Common stock dividend distributable = Par * Number of shares * % dividend

= 13 * 46,500 * 15%

= $90,675

Stock Dividend = Number of shares * market price * % dividend

= 46,500 * 18 * 15%

= $125,550

Date          Account Title                                                 Debit               Credit

Dec, 1        Stock Dividend                                          $125,550

                 Common Stock Dividend Distributable                            $90,675

                  Paid in Capital in excess of Par-                                       $34,875

                  Common stock

Date          Account Title                                                 Debit               Credit

Dec, 31      Common Stock Dividend Distributable     $90,675

                 Common Stock                                                                  $90,675

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