On December 1,2017,Arthur,Inc.had 43,000 shares of $9 par value common stock issued and outstanding.The next day it declared a 50% stock dividend.The market value of the stock on that date was $12 per share.Which of the following is the correct journal entry to record this transaction?
A) debit Stock Dividends $516,000 and credit Cash $516,000
B) debit Stock Dividends $516,000,credit Common Stock $387,000,and credit Paid-In Capital in Excess of Par $129,000
C) debit Common Stock $193,500 and credit Cash $193,500
D) debit Stock Dividends $193,500 and credit Common Stock Dividend Distributable $193,500
Correct Answer:
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