Reference no: EM132462823
Problem - The stockholders' equity of Howell Company at July 31, 2018 is presented below:
Common stock, par value $20 $3,600,000
Paid-in capital in excess of par - common stock 160,000
Retained earnings 10,650,000
Total Stockholders' Equity $14,410,000
On August 1, 2018, the board of directors of Howell declared a 15% stock dividend on common stock, to be distributed on September 15th. The market price of Howell's common stock was $64 on August 1, 2018.
Required - Prepare the journal entries for Howell for both the date of declaration and the date of distribution.
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