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Prepare the journal entry to record the declaration

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Question - The shareholders' equity of Danex Company on June 30, year 1, included the following:

Common stock, $1 par; authorized, 8.05 million shares; $3,130,000 issued and outstanding, 3.13 million shares Paid-in capital-excess of par 12,110,000

Retained earnings 14,100,000

On April 1, year 2, the board of directors of Danex declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Danex's common stock was $22 on April 1, year 2, and $45 on June 1, year 2.

Required - Prepare the journal entry to record the declaration and distribution of the stock dividend on the declaration date.

Reference no: EM132965265

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