Question - Journal the following entries
April 7: Declared a 15% stock dividend to common shareholders. The market value of the common stock is $50 per share. The par value is $10. There are 1,000,000 shares of common stock outstanding.
April 29: Issued a stock dividend in settlement of the dividend declared on April 7.
November 3: Declared a 40% stock dividend to common shareholders. The market value of the common stock is $45 per share. The par value is $10. There are 1,200,000 shares of common stock outstanding.
November 24: Issued a stock dividend in settlement of the dividend declared on November 3.