Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. the following dividends both pertain to ehrlich

1. The following dividends both pertain to Ehrlich Corporation. On October 10, the board of...

60.1K

Verified Solution

Question

Accounting

image
1. The following dividends both pertain to Ehrlich Corporation. On October 10, the board of directors declared a 17% stock dividend to be distributed on October 31 to shareholders of record on October 25. Prior to the dividend, the company had 700,000 shares of $5 par common stock issued and outstanding with a market price of $11 per share. On November 15, the board declared a cash dividend of $3 per share to stockholders of record on November 30, to be paid on December 15. 1. Prepare the journal entries for the declaration and distribution of the stock dividend 2. Prepare the journal entries for the declaration and payment of the cash dividend

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students