CengageNOWv2| Online teachin × Cengage Learning i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLoca. ☆ Ch 13-2 Practice Exercises Entries for Stock...

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Extracted text: CengageNOWv2| Online teachin × Cengage Learning i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLoca. ☆ Ch 13-2 Practice Exercises Entries for Stock Dividends Madrid Corporation has 30,000 shares of $80 par common stock outstanding. On June 8, Madrid Corporation declared a 3% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $98 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Stock Dividends v Jun. 8 88,200 Stock Dividends Distributable 72,000 Paid-In Capital in Excess of Par-Common Stock 16,200 Stock Dividends Distributable x 72,000 X Jul. 13 Common Stock x 72,000 X Aug. 12 Feedback V Check My Work 5:40 PM O Type here to search 2/23/2020