Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 3 a company has 384.000 shares of common stoc

3 A company has 384.000 shares of common stock authorized...

60.1K

Verified Solution

Question

Accounting

3
image
A company has 384.000 shares of common stock authorized with a par of S1 per share, of which 48,000 shares are outstanding. When the market value was $5 per share, the company declared and distributed a 5-for-1 stock split. The stock split is to be effected in the form of a large stock dividend. The entry to record this transaction includes a (Click to select (Click to select debit to Paid-in Capital -- Excess of Par for $768,000 debit to Common stock for $102,000 credit to Common Stock for $182,000 credit to Paid-in Capital -- Excess of Par for $768,000

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