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Prepare all journal entries required for Stilton Ltd

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Reference no: EM132841380

Question - Stilton Ltd. had the following shareholder's equity account balances on September 30, 2021:

Common shares, unlimited shares authorized, 1,140,000 shares issued and outstanding $3,192,000

Contributed surplus on cancellation of common shares $279,400

Retained earnings $6,245,300

The board of directors of Stilton declared a 9% common stock dividend on October 5, 2021. The dividend was distributed on October 31, 2021 to the shareholders of record on October 19, 2021. Stilton Ltd.'s common shares were trading on the market at $3.20 each on October 5, 2021. The common shares were trading at $3.17 per share on October 19, 20 2021, and at $3.22 per share on October 31, 2021,

Required - Prepare all journal entries required for Stilton Ltd. for the common stock dividend.

Reference no: EM132841380

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