On September 1,a Corporation Had 50,000 Shares of $5 Par

question 160

Multiple Choice

On September 1,a corporation had 50,000 shares of $5 par value common stock and $1,000,000 of retained earnings.On that date,when the market price of the stock is $15 per share,the corporation issues a 2-for-1 stock split.The general journal entry to record this transaction is:

• A)
• \(\begin{array}{|l|c|c|}
• \hline \text { Retained Earnings } & 750,000 & \\
• \hline \text { Common Stock Split Distributable } & & 750,000 \\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|c|c|c|}
• \hline \text { Retained Earnings } & 750,000 & \\
• \hline \text { Common Stock } & & 750,000 \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|c|c|c|}
• \hline \text { Retained Earnings } & 250,000 & \\
• \hline \text { Common Stock } & & 250,000 \\
• \hline
• \end{array}\)
• D)
• \(\begin{array}{|c|c|c|}
• \hline \text { Retained Earnings } & 250,000 & \\
• \hline \text { Stock split payable } & & 250,000 \\
• \hline
• \end{array}\)
• E)No entry is made for this transaction

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