Milton Corporation Declared and Distributed a 8% Stock Dividend

question 9

Essay

Milton Corporation declared and distributed a 8% stock dividend.Milton had 440,000 common shares outstanding and 940,000 common shares authorized before the stock dividend.The board of directors determined the appropriate market value per share as $10.
Requirement:
How much should be recorded for the stock dividend? Record the journal entry (if any)for the shares distributed.

---

Definitions:

Dementia

A chronic or persistent disorder of the mental processes caused by brain disease or injury, marked by memory disorders, personality changes, and impaired reasoning.

Hip Replacement

A surgical procedure in which a damaged hip joint is replaced with an artificial one.

Cognitive Change

Any alteration in cognitive function, which can include memory, problem-solving, attention, or language abilities, often due to aging, neurological conditions, or injuries.

Disorientation

A state of confusion regarding time, place, or identity, often as a symptom of neurological or psychiatric conditions.