Happy Holidays,Inc.has 113,000 shares of common stock issued and outstanding,with a par value of $0.01 per share.It declared a 17% common stock dividend;market value is $12 per share.Which of the following is the correct journal entry to record the transaction? (Round your answers to the nearest whole dollar. )
A) debit Stock Dividends $230,520 and credit Paid-In Capital in Excess of Par-Common $230,520
B) debit Stock Dividends $230,520,credit Common Stock Dividend Distributable $192,and credit Paid-In Capital in Excess of Par-Common $230,328
C) debit Stock Dividends $230,520 and credit Cash $230,520
D) debit Common Stock Dividend Distributable $192,debit Paid-In Capital in Excess of Par-Common $230,328,and credit Retained Earnings $230,520
Correct Answer:
Verified
Q119: Lafayette,Inc.was incorporated on January 1,2014.Lafayette issued 5,000
Q120: A corporation has 20,000 shares of 12%,$60
Q121: A corporation reported the following equity section
Q123: Dividends in arrears are _.
A) a liability
Q123: ANS,Inc.has 50,000 shares of common stock outstanding
Q127: Madison Company earned net income of $75,000
Q152: Which of the following is the correct
Q170: The declaration of a stock dividend creates
Q172: When the corporation declares a stock dividend,a
Q173: Which of the following occurs when a
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