Business, 18.08.2020 17:01 samflores236
Risingstar Corporation currently has shares outstanding of par value common stock. The stock was originally issued for per share. On March 15, the board of directors declares a % stock dividend when the stock is selling for per share. Which of the following is the correct journal entry to record this transaction? (Do not round intermediate calculations.)
a. debit Paid-In Capital in Excess of Par-Common $368,940 and credit Retained Earnings $368,940
b. debit Stock Dividends $368,940, credit Common Stock Dividend Distributable $50,310 and credit Paid-In Capital in Excess of Par—Common $318,630
c. debit Stock Dividends $368,940 and credit Common Stock Dividend Distributable $368,940
d. debit Common Stock Dividend Distributable $50,310, debit Paid-In Capital in Excess of Par—Common for $318,630 and credit Retained Earnings $368,940
Answers: 3
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