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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 8
Journalizing cash and stock dividends
Painting Schools, Inc., is authorized to issue 200,000 shares of $1 par common stock. The company issued 77,000 shares at $3 per share. When the market price of common stock was $5 per share, Painting distributed a 10% stock dividend. Later, Painting declared and paid a $0.25 per share cash dividend.
Requirements
1. Journalize the distribution of the stock dividend.
2. Journalize both the declaration and the payment of the cash dividend.
Painting Schools, Inc., is authorized to issue 200,000 shares of $1 par common stock. The company issued 77,000 shares at $3 per share. When the market price of common stock was $5 per share, Painting distributed a 10% stock dividend. Later, Painting declared and paid a $0.25 per share cash dividend.
Requirements
1. Journalize the distribution of the stock dividend.
2. Journalize both the declaration and the payment of the cash dividend.
Explanation
Verified
Verified
2.
Journalize both ...
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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