Lorens Manufacturing Declared a 10% Stock Dividend When It Had

question 12

Multiple Choice

Lorens Manufacturing declared a 10% stock dividend when it had 200,000 shares of $5 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 of $240,000.
• B) Paid-in Capital in Excess of Par for $140,000.
• C) Common Stock for $240,000.
• D) Stock Dividends for $100,000.

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