Give me correct answer with explanation.j Your answer is partially correct.Oriole Corporation has outstanding 489,000 shares of $10 par value common stock. The corporation declares a 10% stock dividendwhen the fair value of the stock is $62 per share.Prepare the journal entries for Oriole Corporation for both the date of declaration and the date of distribution. (List all debit entriesbefore credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDeclaration DateRetained EarningsCommon Stock Dividend DistributablePaid-in Capital in Excess of Par - Common StockDistribution DateCommon Stock Dividend DistributableCommon StockDebit3031800489000Credit4890002542800489000

The corporation distributes dividends on equity. Dividends can be paid in cash or by issuing shares;…

Answered: Your answer is partially correct.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sheridan Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Sheridan Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Declaration Date Distribution Date Debit [[[ Credit 101
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