Olde Wine Corporation has 256,500 shares of $35 par The monetary amount printed

Question

Olde Wine Corporation has 256,500 shares of $35 par

The monetary amount printed on a stock certificate.

common stock

The stock outstanding when a corporation has issued only one class of stock.

outstanding. On February 15, Olde Wine Corporation declared a 3% stock dividend to be issued May 2 to stockholders

The owners of a corporation.

of record on March 27. The market price of the stock

Shares of ownership of a corporation.

was $50 per share on February 15.

Journalize the entries required on February 15, March 27, and May 2. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

Explanation / Answer

15-Feb Stock Dividends 384750 =256500*3%*50          Stock Dividends Distributable 269325 =256500*3%*35          Paid-In Capital in Excess of Par-Common Stock 115425 2-May Stock Dividends Distributable 269325         Common Stock 269325

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