On january 1, 2016, alpha corporation had 300,000 shares of common stock outstanding with a par value of $3 per share. on march 31, alpha corporation declared a 10% stock dividend when the market value was $8 per share. use this information to prepare the general journal entry (without explanation) for march 31. if no entry is required then write "no entry required."

Explanation:

The journal entry is shown below:

Retained earning A/c Dr $240,000

     To Common Stock A/c $90,000

     To Paid-in Capital in excess of Par-Common stock $150,000

(Being the dividend is recorded)

The computation is shown below

For common stock

= 300,000 shares × $3 × 10%

= $90,000

For retained earning

= 300,000 shares × $8 × 10%

= $240,000

And, the remaining balance is credited to the paid-in capital

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answer(8,000.)