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Prepare the entries to record the dividend transactions

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Reference no: EM132941498

The Norman Corporation's stockholders' equity accounts have the following balances as of January 1, 2016:

Common stock, $10 par (60,000 shares issued and outstanding) $ 600,000

Additional paid-in capital: common 1,500,000

Retained earnings 1,200,000

?Total stockholders' equity $3,300,000

?Norman engaged in the following dividend transactions during 2016:

?March 1: Declared a 50% stock dividend on the common stock, distributable on April 10. The market price per share for the common stock was $35 on March 1.

?April 10: Distributed the stock dividend declared on March 1.

?Required:

Problem 1: Prepare the entries to record the dividend transactions for 2016. (Do not record the cash dividend payment in 2017.)

Reference no: EM132941498

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