Journal Entries for declared dividends
Declared a 2% stock dividend on common stock and a $1.80 cash dividend per share on preferred stock. On the date of declaration, the market value of the common stock was $55 per share. On the date of record, 120,000 shares of common stock had been issued, 9,500 shares of treasury common stock were held, and 22,500 shares of preferred stock had been issued.
I already have
Cash Dividend 40500
Cash Dividend Payable 40500
Stock Dividend
Stock Dividend Distribut
PIC of common stock
However I'm having issues finding the numbers for the stock dividend entries
I've tried 120000*55*.02=132000 as Stock dividend distrib
If someone could please point me in the right direction it would be greatly appreciated.