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Prepare the journal entry to record the distribution

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Reference no: EM131807325

Exercise - Stock dividend

The shareholders' equity of Core Technologies Company on June 30, 2010, included the following:

Common stock, $1 par: authorized, 8.12 million shares; issued and outstanding. 3.19 million shares

$ 3,190,000

Paid-in capital-excess of par

12,160,000

Retained earnings

14,060,000

On April 1, 2011, 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 $27 on April 1, 2011, and $48 on June 1, 2011.

Required: Prepare the journal entry to record the distribution of the stock dividend on the declaration date.

Reference no: EM131807325

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