Prepare any necessary journal entries on august

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Reference no: EM133042170

Problem - On July 31, a corporation has the following financial data:

Common stock issued & outstanding 100,000 shares

Par value of common stock $10 per share

Market price of common stock $50 per share

On July 31, the corporation declares 10% stock dividend on common stock. The stock dividends are distributed on August 31.

Required -

A. Prepare any necessary journal entries on July 31.

B. Prepare any necessary journal entries on August 31.

Reference no: EM133042170

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