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

question 48

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:
$\begin{array}{|l|l|}\hline\text { Apr. 15 } & \begin{array}{l}\text { Declared a 40\% stock dividend to stockholders of record on May 1, to be } \\\text { issued May 10. The current market valued is } \$ 15 \text { per common share. }\end{array} \\\hline \text { May 1 } & \text { Date of record. } \\\hline \text { May 10 } & \text { Issued the common stock dividend. }\\\hline\end{array}$

Prepare the journal entries to record these transactions.

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