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Question
on january 1, hamblin corporation had 80,000 shares of $10 par value common stock outstanding. on march 17 the company declared a 10% stock dividend to stockholders of record on march 20. market value of the stock was $13 on march 17. the stock was distributed on march 30. the entry to record the transaction of march 30 would include a
a.credit to cash for $80,000
b.debit to common stock dividends distributable for $80,000
c.credit to paid-in capital in excess of par value for $24,000
d.debit to stock dividends for $24,000
Answer
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