The balance sheet of Fleck Management Consulting, Inc. at December 31, 2017, rep

Question

The balance sheet of Fleck Management Consulting, Inc. at December 31, 2017, reported the following stockholders' equity: (Click the icon to view the stockholders' equity section of the balance sheet.) During 2018, Fleck completed the following selected transactions: 0 (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line Feb. 6 Declared a 5% stock dividend on the common stock. The market value of Flock's stock was $26 per share. Date Accounts and Explanation Debit Credit Feb. 6 Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of Par-Common

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit Stock Dividends $                  19,500      To Common Stock $                       9,000       To Paid in capital in excess of par - Common $                     10,500 Notes: 5% stock dividend of common stock = 5% X 15,000 Shares = 750 Shares par value of $ 12 = $                       9,000 Paid in Capital in excess of par = $ 26 - $ 12 = $ 14 Per shares = 750 Shares X $14 = $                     10,500

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