Question - The stockholders' equity accounts of G.K. Chesterton Company have the following balances on December 31, 2014.
Common stock, $10 par, 309,000 shares issued and outstanding $3,090,000
Paid-in capital in excess of par-common stock 1,246,000
Retained earnings 5,689,000
Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock Exchange at $38.
Prepare the appropriate journal entries for each of the following cases.
(a) A stock dividend of 7% is (1) declared and (2) issued.
(b) A stock dividend of 100% is (1) declared and (2) issued.
(c) A 2-for-1 stock split is (1) declared and (2) issued.