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PharmGen, a pharmaceutical company, was founded two years ago. Like most pharmaceutical companies, PharGen did not make any profits in its first two years of operations since the company spent heavily on research and development. However, in order to attract investors, the company would like to issue a 5% stock divident this year.
PharmGen currently has 15,000 shares of common stock, and no preferred stock outstanding. The stock, which has a par value of $2.00, was initially issued at $12 per share. Currently, the stock is trading a $20 per share. Prepare journal entries for the %5 stock .15,000 x $20 current trading = 300,000 15,000 x 5% stock dividend = 750 300,000-750=299,250.
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