Answer:
Explanation:
Date Particulars Amount (Dr) Amount (Cr)
6/30/17 Stock dividends
(60,000 × 20% × 15) 180000
Common stock dividend
distributable 120000
Paid-in Capital in Excess of Par
common stock 60000
7/15/17 No entry
7/31/17 Common stock dividend distributable 120000
Common stock 120000
12/1/17 No entry
12/15/17 No entry
Particulars
1. Common stock = (72000 × 2 × 5) $720,000
2. Number of shares outstanding (60000+12000)×2 144000
3. Par value per share (10/2) $5
4. Paid-in capital in excess of par (150000+60000) $210000
5. Retained earnings (150000+190000-180000) $160000
6. Total stockholders' equity $1090000
