Cloud Manufacturing Declared a 10% Stock Dividend When It Had

question 15

Multiple Choice

Cloud Manufacturing declared a 10% stock dividend when it had 700,000 shares of $3 par value common stock outstanding. The market price per common share was $12 per share when the dividend was declared. The entry to record this dividend declaration includes a credit to

• A) Stock Dividends for $210,000.
• B) Paid-in Capital in Excess of Par for $630,000.
• C) Common Stock for $210,000.
• D) Common Stock Dividends Distributable for $840,000.

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