On January 1, Layline Corporation had 160,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a Select one: a. credit to Paid-in Capital in Excess of Par for $120,000. b. credit to Common Stock for $360,000. c. debit to Common Stock Dividends Distributable for $240,000. d. debit to Common Stock for $240,000. e. debit to Stock Dividends for $360,000.
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On January 1, Layline Corporation had 160,000 shares of $10 par value common stock outstanding. On J...
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