FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Entries for stock dividends
Madrid Corporation has 23,000 shares of $70 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend
to be issued October 8 to stockholders of record on September 15. The market price of the stock was $97 per share on August 2.
Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no
entry is required, select "No Entry Required" and leave the amount boxes blank.
Aug. 2 Stock Dividends
Stock Dividends Distributable ✔
Paid-In Capital in Excess of Par-Common Stock
Sept. 15 No Entry Required
Oct. 8
No Entry Required ✔
Stock Dividends Distributable
Common Stock ✔
137,500 X
100,000 X
100,000 X
37,500 X
100,000 X
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Transcribed Image Text:Entries for stock dividends Madrid Corporation has 23,000 shares of $70 par common stock outstanding. On August 2, Madrid Corporation declared a 5% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $97 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Aug. 2 Stock Dividends Stock Dividends Distributable ✔ Paid-In Capital in Excess of Par-Common Stock Sept. 15 No Entry Required Oct. 8 No Entry Required ✔ Stock Dividends Distributable Common Stock ✔ 137,500 X 100,000 X 100,000 X 37,500 X 100,000 X
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