Prepare the appropriate journal entries

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Reference no: EM131806922

Exercise

The stockholders' equity accounts of Grouper Company have the following balances on December 31, 2017.

Common stock, $10 par, 322,000 shares issued and

outstanding $3,220,000

Paid-in capital in excess of par-common stock 1,250,000

Retained earnings 5,940,000

Shares of Grouper Company stock are currently selling on the Midwest Stock Exchange at $37.

Prepare the appropriate journal entries for each of the following cases.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(a) A stock dividend of 5% is (1) declared and (2) issued.

(b) A stock dividend of 100% is (1) declared and (2) issued.

Reference no: EM131806922

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