Problem on entry to record the transaction


On january 1,Swanson Corporation had 60,000 shares of $10 pare value common stock outstanding.On March 17,the company declared a 15% stock dividend to stockhlders of record on March 20.Market value of the stock was $13 on March 17.The stock was distributed on March 30. The entry to record the transaction of march 30 would include ?

a) credit to cash for $90,000

b) debit to common stock dividend distributable for $90,000

c) credit to paid-in capital in excess of par value for $27,000

d) debit to retained earnings for $27,000

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Accounting Basics: Problem on entry to record the transaction
Reference No:- TGS069760

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