E15-14B (Entries for Stock Dividends and Stock Splits) The stockholders equity a
E15-14B (Entries for Stock Dividends and Stock Splits) The stockholders equity accounts of Palmetto Company have the following balances on December 31 2014.Common stock $1 par 1500000 shares issued and outstanding $ 1500000Paid-in capital in excess of par 6900000Retained earnings 25750000Shares of Palmetto Company stock are currently selling on the Philadelphia Stock Exchange at $17.InstructionsPrepare the appropriate journal entries for each of the following cases.(a) A stock dividend of 200% is declared and issued.(b) A stock dividend of 10% is declared and issued.(c) A 3-for-1 stock split is declared and issued.
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