Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. advance math
  3. exercise 10-69 (algorithmic) stock dividends pengu

Exercise 10-69 (Algorithmic) Stock Dividends Penguin Company has the following information regarding its common stock: Its common stock is...

60.1K

Verified Solution

Question

Advance Math

Exercise 10-69 (Algorithmic)
Stock Dividends

Penguin Company has the following information regarding itscommon stock:

Its common stock is $15 par, with 300,000 shares authorized,132,000 shares issued, and 130,600 shares outstanding.

On August 22, 2013, Penguin declared and paid a 15% stockdividend when the market price of the common stock was $28 pershare.

1. Prepare the journal entry to recorddeclaration and payment of this stock dividend. For a compoundtransaction, if an amount box does not require an entry, leave itblank.

2. Prepare the journal entry to recorddeclaration and payment assuming it was a 30% stock dividend.

Answer & Explanation Solved by verified expert
4.2 Ratings (729 Votes)
    See Answer
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

Geometry
1.2K views

The grid shows Figure Q and its image Figure Q after a transformation 10 9...

Finance
1.2K views

Nonconstant Growth Stock Valuation Simpkins Corporation does not pay any dividends because it is expanding rapidly and...

Statistics
1.2K views

How much does a sleeping bag cost? Let's say you want a sleeping bag that should...

Advance Math
1.2K views

Explain why we can have "even" and "odd" half range expansions.

General Management
1.2K views

Explain the concept of a corporate integrity agreement (CIA) and the role a consultant might play...

Basic Math
1.2K views

It is known that 259 of the 876 birds that nest in a certain park...

Calculus
1.2K views

A rectangle with sides parallel to the coordinate axes is inscribed in the region bounded...

Accounting
1.2K views

LKS Ltd last paid a dividend of $0.20 three years ago. Today the company announced...

Accounting
1.2K views

Red, Inc., Yellow Corp., and Blue Company each will pay a dividend of $3.20 next...

Accounting
1.2K views

On July 2,2024, Skysong Company sold to Sue Black merchandise having a sales price of...

Accounting
1.2K views

Please include equations.

Accounting
1.2K views

10.0. Abraham, Isaac, and Jacob each have a capital balance of $50,000.Abraham is very old...