Prepare the journal entries to record the declaration

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Reference no: EM132709677

Question - The shareholders' equity of Core Technologies Company on June 30, 2020, included the following:

Common stock, $1 par; authorized, 7 million shares; issued and outstanding, 3 million shares$3,000,000 Paid-in capital-excess of par 12,000,000 Retained earnings 10,000,000

On April 1, 2021, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies' common stock was $24 on April 1, 2021, and $34 on June 1, 2021.

Required - Calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend.

Reference no: EM132709677

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