ABC company issues a 7% stock dividend on 34,000 shares of its $10 par common stock. At the time of dividend, the market value of the stock was $24…

ABC company issues a 7% stock dividend on 34,000 shares of its $10 par common stock. At the time of dividend, the market value of the stock was $24 per share. Compute the amount of the stock dividend.

Journal entry for stockdividend a) b) Accounting titles &Explanations Debit Retainedearnings(34000*7%*24) 57120 Credit Common stock(2380*10) 23800 Paid in excess of par(2380*14) 33320…