On January 1, Kingbird, Inc. had 94000 shares of $10 par value common stock outstanding. On May 7 the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The entry to record the transaction of May 7 would include a
credit to Common Stock Dividends Distributable for $28200.
credit to Cash for $75200.
credit to Common Stock Dividends Distributable for $75200.
debit to Stock Dividends for $75200.
