Orange Parrot Co. announces a stock dividend of 55% of the 2.2 million outstanding shares of common stock. The current price per share is $23.25. Par value of the stock is $0.03 per share.
Required:
Record the journal entry when the stock dividend is declared and the journal entry when the stock dividend is paid.

Question

Orange Parrot Co. announces a stock dividend of 55% of the 2.2 million outstanding shares of common stock. The current price per share is $23.25. Par value of the stock is $0.03 per share. 
Required:
Record the journal entry when the stock dividend is declared and the journal entry when the stock dividend is paid.

Quizplus · Accepted Answer

The Answer of Orange Parrot Co. announces a stock dividend of 55% of the 2.2 million outstanding shares of common stock. The current price per share is $23.25. Par value of the stock is $0.03 per share. 
Required:
Record the journal entry when the stock dividend is declared and the journal entry when the stock dividend is paid.