On May 1, Downtown Software Lid, has 80,000 common shares issued and outstanding Suppose Downtown...
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On May 1, Downtown Software Lid, has 80,000 common shares issued and outstanding Suppose Downtown distributes a 13% stock dividend on May 11 when the market price (fair value) of its shares is $12.00 per share. 1. Journalize Downtown's declaration of the shares dividend. An explanation is not required. 2. What was the overall effect of the stock dividend on Downlown's total assets? What about an is fotal liabilites and its total shareholders' equity? Requirement 1. Joumalize Downtowei's declaration of the shares dividend. An explanation is not required. (Record dobits first, then eredits. Explanations are not required.)
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