The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows. Common stock—$20 par value, 150,000 shares authorized, 64,000 shares issued and outstanding $ 1,280,000 Paid-in capital in excess of par value, common stock 424,000 Retained earnings 548,000 Total stockholders’ equity $ 2,252,000 On February 5, the directors declare a 2% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $36 per share on February 5 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution.

Feb 05

Dr Retained earnings $46,080

Cr Common stock dividend distributable $25,600

Cr Paid-in capital in excess of par value, Common stock $20,480

Journal entries Feb 28

Dr Common stock dividend

distributable$25,600

Cr Common stock, $20 par value $25,600

Explanation:

TVX Company

Journal entries

Feb 05

Dr Retained earnings $46,080

Cr Common stock dividend distributable $25,600

Cr Paid-in capital in excess of par value, Common stock $20,480

Journal entries Feb 28

Dr Common stock dividend

distributable$25,600

Cr Common stock, $20 par value $25,600

Feb. 5

Shares to be issued: 64,000 shares × 2% = 1,280 shares

Retained earnings: (1,280 shares × $36) = $46,080

Common stock dividend distributable: 1,280 shares × $20 per share = $25,600

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explanation:

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!