Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 31

A Entries for stock dividends
Olde Wine Corporation has 250,000 shares of $40 par common stock outstanding. On February 15, Olde Wine Corporation declared a 2% stock dividend to be issued May 2 to stockholders of record on March 27. The market price of the stock was $52 per share on February 15.
Journalize the entries required on February 15, March 27, and May 2.
B Entries for stock dividends
Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique Buggy 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 $63 per share on June 8.
Journalize the entries required on June 8, July 13, and August 12.