Inland machine tool inc is authorized to issue 700000, Ask an Expert

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Inland Machine Tool, Inc., is authorized to issue 700,000 shares of $5 par common stock. The company issued 71,000 shares at $5 per share, and all 71,000 shares are outstanding. When the market price of common stock was $9.00 per share, Inland Machine Tool, Inc., declared and distributed a 15% stock dividend. Later, Inland Machine Tool, Inc., declared and paid a 0.40 per share cash dividend.

1. Journalize the declaration and distribution of the stock dividend.

2. Journalize the declarationa and the payment of the cash dividend

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9948528

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