Olio Corporation Has 900,000 Shares of $1 Par Value Common

question 119

Multiple Choice

Olio Corporation has 900,000 shares of $1 par value common stock authorized,and 550,000 shares issued and outstanding.The market value of the stock is $18 per share.The journal entry to record the declaration of a 10% stock dividend would include a:

• A)credit to dividend payable for $90,000
• B)credit to Common Stock Dividends Distributable for $90,000
• C)debit to Retained Earnings for $990,000
• D)credit to Paid-in-Capital in Excess of Par for $55,000

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