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Journalize the declaration of a stock dividend

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Question - On January 1, 2017, Holt Corporation had $1,000,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 60,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year.

Journalize the declaration of a 15% stock dividend on December 10, 2017, for the following two independent assumptions.

(a) Par value is $10 and market value is $16.

(b) Par value is $5 and market value is $8.

Reference no: EM132091104

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