Question Details

Prepare the necessary entries for the declaration 



1
The following information is available for Westglow Corporation for the year ended December 31, 2014:

Corrected overstatement of 2013 depreciation expense	$     15,000
Cost of goods sold	700,000
Declared cash dividends	50,000
Operating expenses	170,000
Other expenses and losses	40,000
Other revenues and gains	50,000
Sales revenue	1,200,000
Tax rate	      40%

Instructions
Prepare a corporate income statement in good form.


2
Chetola Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 15% stock dividend on June 1 when the market price per share was $13. The shares were issued on June 30.
Instructions
Prepare the necessary entries for the declaration and payment of the stock dividend.




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