Amin Company has 200,000 shares of $20 par value common stock outstanding. On April 15, 2019 the company declared a 40% stock dividend. The current market value of the stock was $30 per common share.
The journal entry on April 15 will include:
A) A credit to Stock Dividends Distributable for $2,400,000
B) A debit to Retained Earnings for $2,400,000
C) A credit to Stock Dividend Distributable for $1,600,000
D) A credit to Paid-in Capital in excess of par value, Common Stock for $800,000
Correct Answer:
Verified
Q70: On April 1, 2019, Crystal Corporation reacquired
Q71: Twin Company has 200,000 shares authorized, 150,000
Q72: Navarro Company has 200,000 shares authorized, 150,000
Q73: McGrath Company has 1,000 shares of $100
Q74: Lauer Company has 1,000 shares of $300
Q76: Sayali Company has 200,000 shares of $60
Q77: John, Inc. has 5,000 shares of 6%,
Q78: Karin, Inc. has 5,000 shares of 6%,
Q79: Superior Company had 50,000 shares of $50
Q80: Balenberg Company had 50,000 shares of $150
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents