On August 1,2018, Alpha Corp. declared 5% share dividends on its common stock when the market value for the common stock was $15 per share.
On August 1,2018, Alpha Corp. declared 5% share dividends on its common stock when the market value for the common
stock was $15 per share. Shareholders’ equity before the stock dividend was declared consisted of $1,000,000 for common stock ($10 par value, authorized 200,000 shares; issued and outstanding 100,000), $150,000 for the paid-in-capital in excess to par, and $700,000 for retained earnings. Use this information to prepare the general journal entry (without explanation) for August 1, 2017
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