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Declared a 2% stock dividend on common stock and a $1.25 quarterly cash dividend per share on preferred stock. On the date of declaration, the market value of the common stock was $40 per share. On the date of record, 85,000 shares of common stock had been issued, 6,500 shares of treasury common stock were held, and 17,000 shares of preferred stock had been issued. Description Debit Credit Sock Dividends 0 Cash Dividends 0 Stock Dividends Distributable 0 Pain in Capital in excess of Par Common stock 0 Cash Divdends Payable 0.

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Accounting Basics, Accounting

Category:- Accounting Basics
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