On January 1, 2014, Wilkens Corporation had $1,247,000 of common stock outstandi

Question

On January 1, 2014, Wilkens Corporation had $1,247,000 of common stock outstanding that was issued at par and retained earnings of $821,500. The company issued 38,300 shares of common stock at par on July 1 and earned net income of $374,700 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2014, for the following two independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Par value is $10 and market price is $15. Par value is $5 and market price is $9.

Explanation / Answer

On January 1, 2014, Wilkens Corporation had $1,247,000 of common stock outstandi

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