The stockholders equity section of TVX Company on February 4 follows. ...
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Accounting
The stockholders equity section of TVX Company on February 4 follows.
| Common stock$20 par value, 150,000 shares authorized, 63,000 shares issued and outstanding | $ 1,260,000 |
|---|---|
| Paid-in capital in excess of par value, common stock | 428,000 |
| Retained earnings | 554,000 |
| Total stockholders equity | $ 2,242,000 |
On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stocks market value is $36 per share on February 5 before the stock dividend.
Q:Prepare entries to record both the dividend declaration and its distribution.
1. Record the declaration of a 2% stock dividend.
2. Record the distribution of a 2% stock dividend.
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