The Topeka Corporation Has 40,000 Shares of $3 Par Value

question 6

Essay

The Topeka Corporation has 40,000 shares of $3 par value common stock outstanding. On July 1, the corporation declared a stock dividend payable July 31, 2014, to common stockholders of record on July 20, 2014, at the rate of one new share of common stock for each ten shares held. The estimated market value of the common stock is $36 per share. Record the transactions on page 15 of a general journal. Omit descriptions.

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Definitions:

Allergic Reaction

An allergic reaction is an immune system response to a usually harmless substance, resulting in symptoms ranging from mild irritation to severe anaphylaxis.

Allergen

A substance that can cause an allergic reaction by stimulating the immune response in susceptible individuals.

Anaphylactic Shock

Severe systemic form of anaphylaxis involving bronchiolar constriction, impaired breathing, vasodilation, and a rapid drop in blood pressure with a threat of circulatory failure.

Bee Sting

A sharp wound caused by the stinger of a bee injecting venom into the skin.