Williamson Company Declared and Distributed a 10% Stock Dividend When

question 40

Multiple Choice

Williamson Company declared and distributed a 10% stock dividend when it had 800,000 shares of $1 par value common stock outstanding.The market price per share of common stock was $60 per share when the dividend was declared.The journal entry to record the stock dividend would include a credit to:

• A)Retained Earnings $800,000.
• B)Paid-in Capital in Excess of Par-Common $4,720,000.
• C)Common Stock $800,000.
• D)Retained Earnings $80,000.

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