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Harrizon [31]
3 years ago
7

Global Corporation had 58,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors

declared a 20% stock dividend when the market value of each share was $28. The entry to record the dividend declaration is:_______.
Business
1 answer:
wolverine [178]3 years ago
8 0

Answer:

Jul-01

Dr Retained Earnings $324,800

Cr Common stock dividend distributable $232,000

Cr Paid-in capital in excess of par value - Common stock 92,800

Explanation:

Preparation of the journal entry to record the dividend declaration is:

Jul-01

Dr Retained Earnings $324,800

(58,000 shares x 20% x $28)

Cr Common stock dividend distributable $232,000

(58,000 shares x 20% x $20)

Cr Paid-in capital in excess of par value - Common stock 92,800

(58,000 shares x 20% x $8)

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Answer:

It will take 14 quarters (3.5 years) to reach $44,622.09 from $35,000 at an interest rate of 7% compounded quarterly.

Explanation:

Giving the following information:

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We need to calculate the number of quarters required to reach the objective. We will use the following formula:

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