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Journalize the declaration

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Question - On January 1, 2022, Sheffield Corp. had $1,140,000 of common stock outstanding that was issued at par and retained earnings of $789,000. The company issued 33,000 shares of common stock at par on July 1 and earned net income of $527,000 for the year.

Journalize the declaration of a 17% stock dividend on December 10, 2022, for the following two independent assumptions.

(a) Par value is $10 and market price is $15. (b) Par value is $5 and market price is $9.

Reference no: EM132994229

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