Shannon Manufacturing Declared a 10% Share Dividend When It Had

question 6

Multiple Choice

Shannon Manufacturing declared a 10% share dividend when it had 250,000 ordinary shares with a $3 par value outstanding.The market price per share was $12 per share when the dividend was declared.The entry to record this dividend declaration includes a credit to

• A)Retained Earnings for $75,000.
• B)Share Premium-Ordinary for $225,000.
• C)Share Capital-Ordinary for $75,000.
• D)Ordinary Share Dividends Distributable for $300,000.

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