The shareholders equity of Core Technologies Company on June 30, 2015, included the following: ...
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Accounting
The shareholders equity of Core Technologies Company on June 30, 2015, included the following:
Common stock, $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares
$
3,000,000
Paid-in capitalexcess of par
12,000,000
Retained earnings
19,000,000
On April 1, 2016, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies common stock was $34 on April 1, 2016, and $44 on June 1, 2016.
Required:
Complete the below table to calculate the stock dividend.
Stock Dividend
Number of outstanding shares
Stock dividend percentage
Number of shares to be issued
Value of stock dividend
Prepare the journal entries to record the declaration and distribution of the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1 Record the declaration of the stock dividend. 2 Record the distribution of the stock dividend. ?
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