Louisiana State University, Shreveport ACCOUNTING ACCOUNTING Acct 701 Exercise 10-22 RecordingCashandStock Dividends Kirk Corporation had the following amounts in equity before issuing its annualdividend: Kirk has…
Recording Cash and Stock Dividends
Kirk Corporation had the following amounts in equity before issuing its annual dividend:
Kirk has decided to issue a 5% stock dividend simultaneously with a $1 per share cash dividend. The date of declaration is November 12, and the payment date is November 29.
Prepare all journal entries necessary to record the declaration and payment of dividends. Assume that the stock was trading for $10 on the date of declaration and $12 on the date of payment. Also, assume the cash dividends were not paid on the additional shares of stock from the stock dividend. For a compound transaction, if an amount box does not require an entry, leave it blank or enter “0”.
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