Prepare journal entries to record the transactions

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Question - A corporation had stockholders' equity on January 1 as follows: Common Stock, $1 par value, 1,500,000 shares authorized, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,100,000; Retained Earnings, $2,300,000. Prepare journal entries to record the following transactions:  

Feb. 15 The board of directors declared a 10% stock dividend to stockholders of record on March 1, to be issued on April 15. The stock was trading at $12 per share prior to the dividend.

Mar. 31 Sold 100,000 shares of common stock for $13 per share.

Apr. 15 Issued the stock dividend.

Reference no: EM133105967

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