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Tucson Inc has 30,000 shares of $10 par value common stock outtstanding and cetained.earnings of S656,000

Tucson, Inc. has 30,000 shares of $10 par value common stock outtstanding and cetained.earnings of S656,000. Tucson declares a cash dividend of $4.00 per share and, shortly thereafter, a 6% stock dividend. The market price of the stock is $44 per share at the declaration date of the stock dividend Required: Prepare the general journal entries for (1) the declaration of the dividends and (2) the payment (or issuance) of the dividends. Credit Debit Date Accounts

Feb 06 2020 View more View Less

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