On May 31,Mason Corporation Has the Following Stockholders' Equity:
Common

question 22

Essay

On May 31,Mason Corporation has the following stockholders' equity:
Common Stock,$10 par value,6,000 shares
$\begin{array}{llcc} \text { issued and outstanding } & \$60,000 \\ \text { Retained Earnings } &\underline{20,000}\\ \text { Total Stockholders' Equity } &\underline{\$80,000}\\\end{array}$
The board of directors declared a 10% stock dividend on June 5 to the stockholders of record on June 15.The stock is to be distributed on June 30.On the date of declaration,the stock had a market value of $15 per share.Prepare the appropriate journal entries for these transactions.

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Cohesive Unit

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