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Journalizing cash and stock dividends Martial Arts Schools Inc is authorized to issue 200,000 shares of $4 par common stock The company issued 72000 shares at $6 per share When the market price

Journalizing cash and stock dividends Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $4 par common stock. The company issued 72,000 shares at $6 per share. When the market price of common stock was $8 per share, Martial Arts declared and distributed a 14% stock dividend. Later, Martial Arts declared and paid a $0.60 per share cash dividend.

Requirements

1. Journalize the declaration and the distribution of the stock dividend.

2. Journalize the declaration and payment of the cash dividend.

Apr 21 2020 View more View Less

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