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Prepare the journal entries for the declaration date

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Reference no: EM132531401

The Horizon Co. had equity on January 1, 2018 as follows:

Common shares 800,000 issued and outstanding $4,460,000

Retained earnings $5,000,000

  • The board of directors declared a 6% share dividend to shareholders of record on March 14 to be issued on March 30.
  • The market price of the shares on March14, March 18 and March 30 were $8.40, $9.30, and $7.70 respectively.

Required:

Question 1: Prepare the journal entries for the declaration date and the distribution date.

Reference no: EM132531401

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