Highland Bancshares has 33,000 shares of $1 par value common stock outstanding Suppose Highland declares and distributes a 10% stock dividend when the market value of its stock is $16 per share. 1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required. 2. What was the overall effect of the stock dividend on Highland's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts May Date 11 Debit Credit
Highland Bancshares has 33,000 shares of $1 par value common stock outstanding Suppose Highland declares and distributes a 10% stock dividend when the market value of its stock is $16 per share. 1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required. 2. What was the overall effect of the stock dividend on Highland's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts May Date 11 Debit Credit
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter15: Shareholders’ Equity: Capital Contributions And Distributions
Section: Chapter Questions
Problem 13E
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![Highland Bancshares has 33,000 shares of $1 par value common stock outstanding. Suppose Highland declares and distributes a 10% stock dividend when the market value of its stock is $16 per share.
1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required.
2. What was the overall effect of the stock dividend on Highland's total assets? On total liabilities? On total stockholders' equity?
1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
May
Date
11
Accounts
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F944142c0-9ef7-443d-ac16-a471a215da64%2F81766581-cc6f-4e55-b462-016c471ce8ee%2F4t8x87o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Highland Bancshares has 33,000 shares of $1 par value common stock outstanding. Suppose Highland declares and distributes a 10% stock dividend when the market value of its stock is $16 per share.
1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required.
2. What was the overall effect of the stock dividend on Highland's total assets? On total liabilities? On total stockholders' equity?
1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
May
Date
11
Accounts
Debit
Credit
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