Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. soxlette company has 700,000 shares authorized and

Soxlette Company has 700,000 shares authorized and 250,000 shares issued and outstanding of its $4...

90.2K

Verified Solution

Question

Accounting

Soxlette Company has 700,000 shares authorized and 250,000 shares issued and outstanding of its $4 par value common stock. The stock is currently selling for $60 per share. If Soxlette Company declared and issued a 30% stock dividend, what journal entry would the company make?

Select one:

A. Retained Earnings 210,000 Common Stock 210,000

B. Retained Earnings 300,000 Common Stock 300,000

C. No journal entry is necessary.

D. Retained Earnings 4,500,000 Common Stock 4,500,000

E. Retained Earnings 18,000,000 Common Stock 18,000,000

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