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Prepare the appropriate journal entries for a stock dividend

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Reference no: EM132047401

Question - The stockholders' equity accounts of G.K. Chesterton Company have the following balances on December 31, 2014.

Common stock, $10 par, 309,000 shares issued and outstanding $3,090,000

Paid-in capital in excess of par-common stock 1,246,000

Retained earnings 5,689,000

Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $38.

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

(a) A stock dividend of 7% is (1) declared and (2) issued.

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

(c) A 2-for-1 stock split is (1) declared and (2) issued.

Reference no: EM132047401

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