Reference no: EM132795816
Problem - Stock Dividends - On January 1, 2020, Carr had 100,000 shares of $5 par common stock outstanding. On August 1, 2020, Carr declares a 10% Common Stock dividend. The market (fair) value of the stock on August 1, 2020, is $30 per share. August 15, 2020 is the date of record. The stock dividend will be distributed on August 31, 2020.
Required -
(1) Prepare all required journal entries for August 1, 15, and 31, 2020. If no journal entry is required, state NA.
(2) Assume that Carr declares a 30% Common Stock dividend instead of a 10% stock dividend. Prepare all required journal entries for August 1, 15, and 31, 2020. If no journal entry is required, state NA.
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