Transcribed Image Text: Entries for Stock Dividends

Transcribed Image Text: Entries for Stock Dividends
Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market Corporation declared a 5% stock dividend
to be issued August 12 to stockholders of record on July 13. The market price of the stock was $51 per share on June 8.
Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select “No Entry Required” and leave the amount boxes
blank. If an amount box does not require an entry, leave it blank.
Stock Dividends /
| 943,500
June 8
Stock Dividends Distributable /
Paid-In Capital in Excess of Par-Common Stock
No Entry Required
July 13
No Entry Required v
Aug. 12
Stock Dividends Distributable /
Common Stock /


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