Painting Schools, Inc. is authorized to issue 200,000 shares of $3 par common stock. The...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Painting Schools, Inc. is authorized to issue 200,000 shares of $3 par common stock. The company issued 71,000 shares at $3 per share. When the market price of common stock was $5 per share, Painting Schools declared and distributed a 14% stock dividend. Later, Painting Schools declared and paid a $0.50 per share cash dividend Read the requirements Requirement 1. Joumalize the declaration and the distrbution of the stock dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, journace the declaration of the stock dividend. Data Accounts and Explanation Debit Credit d to issue 200,000 shares of $3 par common stock. The company issued 71,000 shares at $3 per sh Painting Schools declared and distributed a 14% stock dividend. Later, Painting Schools declared an - claration and the distribution of the stock dividend. (Record debits first, then credits. Select the expla Requirements 1. Journalize the declaration and the distribution of the stock dividend. 2. Journalize the declaration and payment of the cash dividend. Print Done
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!
