Parlay Corporation has 2,000,000 shares of $0.50 par value common stock outstanding.The following selected transactions related to the company's stock took place during the current year:
$$\begin{array} { |l|l| }
\hline&\text { Declared a } 40 \% \text { stock dividend to stockholders of record on May } 1 \text {, to be } \
\text { Apr. } 15 &\text { issued May } 10 \text {. The current market value is } \$ 15 \text { per common share. }\
\hline
\end{array}$$
Prepare necessary journal entries to record the events of April 15,May 1 and May 10.

Question

Parlay Corporation has 2,000,000 shares of $0.50 par value common stock outstanding.The following selected transactions related to the company's stock took place during the current year:
 $$\begin{array} { |l|l| } 
\hline&\text { Declared a } 40 \% \text { stock dividend to stockholders of record on May } 1 \text {, to be } \
\text { Apr. } 15 &\text { issued May } 10 \text {. The current market value is } \$ 15 \text { per common share. }\
\hline
\end{array}$$ 
Prepare necessary journal entries to record the events of April 15,May 1 and May 10.

Quizplus · Accepted Answer

The Answer of Parlay Corporation has 2,000,000 shares of $0.50 par value common stock outstanding.The following selected transactions related to the company's stock took place during the current year:
 $$\begin{array} { |l|l| } 
\hline&\text { Declared a } 40 \% \text { stock dividend to stockholders of record on May } 1 \text {, to be } \
\text { Apr. } 15 &\text { issued May } 10 \text {. The current market value is } \$ 15 \text { per common share. }\
\hline
\end{array}$$ 
Prepare necessary journal entries to record the events of April 15,May 1 and May 10.

Parlay Corporation Has 2,000,000 Shares of $0 Prepare Necessary Journal Entries to Record the Events of April