Milton Corporation declared and distributed a 8% stock dividend.Milton had 440,000 common shares outstanding and 940,000 common shares authorized before the stock dividend.The board of directors determined the appropriate market value per share as $10.
Required:
How much should be recorded for the stock dividend? Record the journal entry (if any)for the shares distributed.

Question

Quizplus · Accepted Answer

The Answer of Milton Corporation declared and distributed a 8% stock dividend.Milton had 440,000 common shares outstanding and 940,000 common shares authorized before the stock dividend.The board of directors determined the appropriate market value per share as $10.
Required:
How much should be recorded for the stock dividend? Record the journal entry (if any)for the shares distributed.

Milton Corporation Declared and Distributed a 8% Stock Dividend