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Wilma Corporation reported the following in its shareholders’ equity section on the January 1, 2019 Balance...
Wilma Corporation reported the following in its shareholders’ equity section on the January 1, 2019 Balance Sheet: Common shares, 100,000 authorized, 25,000 outstanding $100,000 On October 1, 2019, the company declared a 10% common stock dividend on the outstanding common shares when they were trading at $32 per share Record the journal entry for the stock dividends declared . Show calculations.
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Expert Solution
| Working Notes: 1 | ||||
| Calculation of stock Dividend value | ||||
| Total Share outstanding = | $2,43,600 | |||
| Monthly Revenue = $ 243,600 / 12 Month= | 25,000 | Shares | ||
| 10% of Common stock dividend is declared = 25,000 X 10% = | 2,500 | Shares | ||
| Value of Stock Dividend = 2,500 Shares X $ 32 = | $80,000.00 | |||
| Solution : 1 | ||||
| Journal Entries | ||||
| Date | ACCT Title and explanation | Debit | Credit | |
| October 01, 2019 | Retained Earnings | $80,000 | ||
| Common Stock dividend distributable | $80,000 | |||
| (Record the stock Dividend declaration) | ||||
ekkarill92 answered 1 year agoRelated Solutions
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