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s2008m [1.1K]
3 years ago
13

On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% st

ock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a
Business
1 answer:
svet-max [94.6K]3 years ago
3 0

Answer: credit to Common Stock Dividends Distributable for $43500

Explanation:

Based on the information given in the question, the entry to record the transaction of May 24 goes thus:

Debit Stock Dividend = 87000 × 5% × $16 = $69600

Credit To Common Stock Dividend Distributable = 87000 × 5% × $10 = $43500

Credit To Paid in capital in excess of Par - Common Stock = $69600 - $43500 = $26100

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