A Corporation Has 200,000 Shares of $10 Par Value Common

question 30

Essay

A corporation has 200,000 shares of $10 par value common stock outstanding.The following selected transactions related to the company's stock took place during the current year:
$$\begin{array} { | l | l | } \hline \text { Apr. } 15 & \begin{array} { l } \text { Declared a 40\% stock dividend to stockholders of record on May } 1 , \text { to be } \\\text { issued May } 10 \text {. The curent riarket valued is } \$ 15 \text { per common share. }\end{array} \\\hline \text { May 1 } & \text { Date of record. } \\\hline \text { May } 10 & \text { Issued the common stock dividend. } \\\hline\end{array}$$
Prepare the journal entries to record these transactions.

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Definitions:

Financial Statement

A written report that quantitatively describes the financial health of a company, including balance sheets, income statements, and cash flow statements.

Permanent/Temporary

Classification of accounts where permanent accounts are balance sheet items carrying over to the next financial period, while temporary accounts are income statement items closed at the end of the period.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, reflecting its nature in accounting equations.

Financial Statement

Documentation that shows an entity's financial status at a specific time, including balance sheets, income statements, and cash flow statements.