Reference no: EM132961610
Douglas McDonald Company's balance sheet included the following shareholders' equity accounts at December 31, 2020:
($ in millions) Paid-in capital:
Common stock, 1,400 million shares at $1 par $ 1,400
Paid-in capital-excess of par 16,800
Retained earnings 15,638
Total shareholders' equity $ 33,838
On March 16, 2021, a 4% common stock dividend was declared and distributed. The market value of the common stock was $31 per share. Fractional share rights represented 3 million equivalent whole shares. Cash was paid in lieu of the fractional share rights.
Required:
Problem 1. Calculate the value of shares issued.
Problem 2. Prepare the appropriate entries for the declaration and distribution of the stock dividend.
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