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Prepare the journal entries for Howell

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Question - The stockholders' equity of Howell Company at July 31, 2018 is presented below:

Common stock, par value $20 $3,600,000

Paid-in capital in excess of par - common stock 160,000

Retained earnings 10,650,000

Total Stockholders' Equity $14,410,000

On August 1, 2018, the board of directors of Howell declared a 15% stock dividend on common stock, to be distributed on September 15th. The market price of Howell's common stock was $68 on August 1, 2018. Prepare the journal entries for Howell for both the date of declaration and the date of distribution.

Reference no: EM132480265

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