Richman Corporation has 120,000 shares of $5 par value
common stock outstanding. It declared a 10% stock dividend
on June 1 when the market price per share was $12. The
shares were issued on June 30.
Instructions: Prepare the necessary entries for
the declaration and payment of the stock dividend.
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Answer / Shweta
Declaration Entry:nDebit: Dividends Payable - 12,000 (10% of 120,000 shares * $12 market price)nCredit: Retained Earnings - 12,000nnPayment Entry:nDebit: Cash/Bank Account - 12,000nCredit: Dividends Payable - 12,000
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