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Prepare the necessary journal entries

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Reference no: EM131725219

Question - On July 31, a corporation has the following financial data:

Common stock issued & outstanding                      100,000 shares

Par value of common stock                                         $10 per share

Market price of common stock                                  $50 per share

On July 31, the corporation declares 10% stock dividend on common stock. The stock dividends are distributed on August 31.

A. Please help prepare the necessary journal entries on July 31.

B. Please help prepare the necessary journal entries on August 31.

Reference no: EM131725219

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