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Journalize the declaration of stock dividend

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Question - On January 1, 2012, Sheperd Corporation had $1,371,000 of common stock outstanding that was issued at par and retained earnings of $707,900. The company issued 28,900 shares of common stock at par on July 1 and earned net income of $392,900 for the year.

Journalize the declaration of a 17% stock dividend on December 10, 2012, for the following two independent assumptions.

(a) Par value is $10 and market value is $14.

(b) Par value is $5 and market value is $9.

Reference no: EM132035105

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