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On December 15, your company declared a 10% stock dividend on common stock. The stock...

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Accounting

On December 15, your company declared a 10% stock dividend on common stock. The stock dividend will be distributed on January 10, 2022 before 2021 financial statements will be issued.

Your company has 50,000 shares of $6.50 par value common stock authorized. The common stock was selling for $37 per share throughout the entire last quarter of 2021.

According to the Preliminary Trial Balance, Common Stock has a $65,000 credit balance, Paid in capital - Common Stock has a $26,400 credit balance, and Retained Earnings has $86,450 credit balance.

According to the Post Closing Trial Balance, Common Stock has a $65,000 credit balance, Paid in capital - Common Stock has a $65,000 credit balance, and Retained Earnings has $86,450 credit balance.

Prepare end of year adjusting entries, corrections, and any other necessary entries necessary to prepare accurate financial statements.

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