Journalize declaration and distribution of stock dividend

Reference no: EM131820241

Question: Journalizing a large stock dividend Matty, Inc. had 260,000 shares of $4 par value common stock issued and outstanding as of August 15, 2016. The company is authorized to issue 1,200,000 common shares. On August 15, 2016, Matty declared a 40% stock dividend when the market value for Matty's common stock was $7 per share. The stock was issued on Aug. 30.

Requirements: 1. Journalize the declaration and distribution of the stock dividend.

2. How many shares of common stock are outstanding after the dividend?

Reference no: EM131820241

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