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Give the required journal entry to record the stock split

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Reference no: EM132553120

Corporation's stockholders' equity consisted of 60,000 authorized shares of $30 par value common stock, of which 30,000 shares had been issued at par, and retained earnings of $750,000. The company then split its stock, two-for-one, by changing the par value of the old shares and issuing new $15 par shares.

Question a. Give the required journal entry to record the stock split

Question b. Suppose instead that the company declared and later issued a 10% stock dividend. Give the required journal entries, assuming that the market value on the date of declaration was $40 per share.

Reference no: EM132553120

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