23 NEED HELP ASAP Cloud Manufacturing declared a 10% stock dividend when it had
ID: 2476336 • Letter: 2
Question
23 NEED HELP ASAP
Cloud Manufacturing declared a 10% stock dividend when it had 700,000 shares of $3 par value common stock outstanding. The market price per common share was $12 per share when the dividend was declared. The entry to record this dividend declaration includes a credit to
Stock Dividends for $210,000.
Paid-in Capital in Excess of Par for $630,000.
Common Stock for $210,000.
Common Stock Dividends Distributable for $840,000.
Stock Dividends for $210,000.
Paid-in Capital in Excess of Par for $630,000.
Common Stock for $210,000.
Common Stock Dividends Distributable for $840,000.
Explanation / Answer
Paid-in Capital in Excess of Par for $630,000.