Parlay Corporation has 2,000,000 shares of $0.50 par value common stock outstanding. The following selected transactions related to the company's stock took place during the current year: Apr. 15Declared a 40% stock dividend to stockholders of record on May 1, to be issued May 10. The current market value is $15 per common share.Prepare necessary journal entries to record the events of April 15, May 1 and May 10.
What will be an ideal response?
| Apr. 15 | Retained Earnings (2,000,000 * 40% * $0.50) | 400,000 | ? |
| ? | Common Stock Dividend Distributable … | ? | 400,000 |
| ? | ? | ? | ? |
| May 1 | No entry required. | ? | ? |
| ? | ? | ? | ? |
| May 10 | Common Stock Dividend Distributable …… | 400,000 | ? |
| ? | Common Stock …………………… | ? | 400,000 |
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