On June 1,2014,Revere Corporation Declared a Stock Dividend Entitling Its

question 10

Short Answer

On June 1,2014,Revere Corporation declared a stock dividend entitling its stockholders to one additional share for each share held.At the time the dividend was declared,the market value of the stock was $10 per share and the par value was $5 per share.On this date Revere had 1,000,000 shares of common stock authorized of which 500,000 shares were outstanding.Assuming the par value of the stock was NOT changed,what entry should Revere make to record this transaction?

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Definitions:

Toilet Training

is the process of teaching a young child to use the toilet for urination and defecation independently.

Electra Complex

is a psychoanalytic theory proposing that a girl's psychosexual competition with her mother for possession of her father.

Oedipal Complex

A concept in psychoanalytic theory describing a child's feelings of desire for their opposite-sex parent and jealousy towards their same-sex parent.