(Solved by Humans)-Smith has 300,000 shares of common stock outstanding with a par
Question
Smith has 300,000 shares of common stock outstanding with a par value of $3 per share. Smith authorized a 10% stock dividend when the market value was $8 per share. A journal entry for the stock dividend would require:
| No entry is needed. |
| a credit to Paid-in Capital in Excess of Par for $150,000. |
| None of these. |
| a credit to Common Stock for $240,000. |
| a debit to Retained Earnings for $90,000. |
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