Luke Enterprises has 500,000 shares of $20 par common stock outstanding. On January 19, Luke...
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Luke Enterprises has 500,000 shares of $20 par common stock outstanding. On January 19, Luke Enterprises declared a 3% stock dividend. The market price of the stock on January 19 was $25 per share. The entry to journalize the stock dividend would include a a. debit to Cash for $375,000. b. debit to Stock Dividends Distributable for $375,000. c. credit to Paid-In Capital in Excess of Par-Common Stock for $75,000. d. credit to Stock Dividends for $300,000.
Luke Enterprises has 500,000 shares of $20 par common stock outstanding. On January 19, Luke Enterprises declared a 3% stock dividend. The market price of the stock on January 19 was $25 per share. The entry to journalize the stock dividend would include a a. debit to Cash for $375,000. b. debit to Stock Dividends Distributable for $375,000. c. credit to Paid-In Capital in Excess of Par-Common Stock for $75,000. d. credit to Stock Dividends for $300,000
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