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, 1,500,000 shares issued and outstanding $ 1,500,000 Paid-in capital in exc

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, 1,500,000 shares issued and outstanding      $ 1,500,000

Paid-in capital in excess of par                                                                6,900,000

Retained earnings                                                                                   25,750,000

Shares of Palmetto Company stock are currently selling on the Philadelphia Stock Exchange at $17.

Instructions

Prepare 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.