On October 15, 2021, a 6% stock dividend was declared and distributed. The fair value of the common stock on this date was $32.3 per share. Fractional share rights represented 100,000 shares. Cash was paid in lieu of issuing fractional share rights. On the date of declaration and payment, the company had 10.3 million shares of common stock outstanding. The par of the common shares was $5 per share.

Prepare any necessary journal entries to record the above events.

The answer is given below;

Explanation:

For Dividend

Dividend Expense (10.3*5*6%)   Dr. $3.090 Million

Bank                                             Cr.$3.090 Million

For fractional Shares,

Capital 100,000*32.3                     Dr.$ 3,230,000

Cash                                               Cr.$  3,230,000

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.