Business
Business, 23.11.2021 21:20, ellaemtagedeane

Advanced Life Co. is an HMO for businesses in the Albuquerque area. The following account balances appear on the balance sheet of Advanced Life Co.: Common stock (600,000 shares authorized; 400,000 shares issued), $8 par, $3,200,000; Paid-in capital in excess of par—common stock, $800,000; and Retained earnings, $25,600,000. The board of directors declared a 2% stock dividend when the market price of the stock was $19 a share. Advanced Life Co. reported no income or loss for the current year. Required:
Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value.

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Advanced Life Co. is an HMO for businesses in the Albuquerque area. The following account balances a...

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