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Prepare the journal entries for howell

    Assignment Instructions

    Assignment ID: FG133136207

    Question – The stockholders’ equity of Howell Company at July 31, 2018 is presented below:

    Common stock, par value $20 (260,000 shares outstanding) $5,200,000

    Paid-in capital in excess of par – common stock 1,110,000

    Retained earnings 13,950,000

    Total Stockholders’ Equity $20,260,000

    On August 1, 2018, the board of directors of Howell declared a 15% stock dividend on common stock, to be distributed on September 15th. The market price of Howell’s common stock was $78 on August 1, 2018. Prepare the journal entries for Howell for both the date of declaration and the date of distribution.

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