Business, 25.07.2020 03:01 jonathankingsberry52

On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common stock outstanding that was issued at par and Retained Earnings of $1,150,000. The company issued 146,000 shares of common stock at $16 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Oriole Company stock was $17 per share on December 15 and $17 per share on December 31. Net income for 2020 was $580,000. Required:
Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15.

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On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common stock outstanding that...