The first working paper elimination (in journal entry format) for Pon Corporation and subsidiary on May 31, 2006, the end of a fiscal year, was as follows (explanation omitted):
EOn June 1, 2006, when the current fair value of its $1 par common stock was $8 a share, Sabre declared a 15% common stock dividend, to be issued June 15, 2006. Sabre prepared the following journal entry (explanation omitted) for the dividend:
Prepare a working paper elimination (in journal entry format) for Pon Corporation and subsidiary on June 1, 2006. Omit explanation and disregard income taxes.

Question

The first working paper elimination (in journal entry format) for Pon Corporation and subsidiary on May 31, 2006, the end of a fiscal year, was as follows (explanation omitted):
  EOn June 1, 2006, when the current fair value of its $1 par common stock was $8 a share, Sabre declared a 15% common stock dividend, to be issued June 15, 2006. Sabre prepared the following journal entry (explanation omitted) for the dividend:
  Prepare a working paper elimination (in journal entry format) for Pon Corporation and subsidiary on June 1, 2006. Omit explanation and disregard income taxes.

Quizplus · Accepted Answer

The Answer of The first working paper elimination (in journal entry format) for Pon Corporation and subsidiary on May 31, 2006, the end of a fiscal year, was as follows (explanation omitted):
  EOn June 1, 2006, when the current fair value of its $1 par common stock was $8 a share, Sabre declared a 15% common stock dividend, to be issued June 15, 2006. Sabre prepared the following journal entry (explanation omitted) for the dividend:
  Prepare a working paper elimination (in journal entry format) for Pon Corporation and subsidiary on June 1, 2006. Omit explanation and disregard income taxes.

The First Working Paper Elimination (In Journal Entry Format) for Pon