Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, sunland corporation had 156000 share

On January 1, Sunland Corporation had 156000 shares of $10 par value common stock outstanding....

60.1K

Verified Solution

Question

Accounting

On January 1, Sunland Corporation had 156000 shares of $10 par value common stock outstanding. On March 17, the company declared a 16% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The stock was distributed on March 30. The entry to record the transaction of March 30 would include a
debit to Common Stock Dividends Distributable for $249600.
credit to Cash for $249600.
debit to Stock Dividends for $74880.
credit to Paid-in Capital in Excess of Par for $74880.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Consider a solution that is 1.5×10−2 M in Ba2+ and 1.9×10−2 M in Ca2+. What minimum concentration...

Chemistry
Q

Two isomeric compounds, A and B, are known to each have a monosubstituted benzene ring (C6H5)....

Chemistry
Q

ABC purchased $38270 of equipment 2 years ago. The equipment is 7-year MACRS property. What is...

Finance
Q

Research the different hash algorithms (Message Digest, Secure Hash Algorithm, and RIPMD) and then compare them....

Programming
Q

S 10 s sacca Instructure com courses 2452285 quizzes 5493540 take Name This Phase of...

Biology
Q

24 A capillary tube is dipped in water and it is 20 cm outside water...

Physics
Q

The graph of one complete period of a cosine curve is given wo 12 3...

Calculus
Q

Evaluate the determinant of the matrix A 3ac 5ad 3bc 3bd

Calculus
Q

7-Doe, Inc. purchased a bulldozer at a cost of $300,000. The bulldozer has...

Accounting
Q

2. Craft Corporation's retained earnings decreased by $20,000 during the year ended December 31,201. The...

Accounting
Q

El margen de contribucin unitario son los dlares disponibles de cada unidad de ventas para...

Accounting
Q

Dedrick Inc. did not pay dividends in 2018 or 2019, even though 49,400 shares of...

Accounting