A corporation had stockholders’ equity on January 1 as follows: Common Stock, $10 p


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A corporation had stockholders’ equity on January 1 as follows: Common Stock, $10 par value, 1,500,000 shares authorizd, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $2,500,000. Prepare journal entries to record the following transactions: Feb 15. The board of directors declared 10% stock dividends to stockholders of record on March 1, to be issued on April 15. The stock trading at $8 per share prior to the dividend. March 31 Sold 100,000 shares of common stock for $11 per share. Mar. 15 Issued the stock dividend.

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