Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at December 31, 2017: ($ in millions)
Paid-in capital:
Common stock, 1,550 million shares at $1 par $ 1,550
Paid-in capital—excess of par 17,100
Retained earnings 15,863
Total shareholders’ equity $ 34,513
On March 16, 2018, a 4% common stock dividend was declared and distributed. The market value of the common stock was $34 per share. Fractional share rights represented 3 million equivalent whole shares. Cash was paid in lieu of the fractional share rights.
Required:
1. Complete the below table to calculate the value of shares issued.
2. Prepare the appropriate entries for the declaration and distribution of the stock dividend.

1.  Stock Dividend

Number of outstanding shares A                   $1,550  

Stock dividend percentage B                         4%

Numbers of shares to be issued C=A*B        $62

Market value per share D                               $34

Value of Stock dividend E=C*D                      $2,108

Amount paid in cash for fractional shares F  $102

Value of shares issued E-F                              $2,006

2.  General Journal                 Debit     Credit

    Retained Earnings          $2,108  

           Common Stock                           $59

           Paid-in Capital - excess in par   $1,947

           Cash                                            $102

    (To record distribution of the stock dividend)

none

explanation:

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