Answer:

Number of Shares = 30,000

Common Stock dividend declared = 15%

It is Stated in the question that market value of $24 per share must be used for the purpose of declaration of dividend.

Calculation of Common Stock dividend

Common Stock Dividend = Number of shares × Market value × Dividend Rate

Common Stock Dividend = 30,000 × $24 × 15%

Commom Stock Dividend = $108,000

Calculation of paid in excess of par

Common Stock Dividend Paid excess per share = (Market Value - Par value)× Dividend Rate

Common Stock Dividend Paid in excess per share = $24 - $10 ×15%

Common Stock Dividend Paid in excess per share = $2.1

Total Stock Dividend Paid in excess= 30,000×$2.1

Total Stock Dividend Paid in excess = $63,000

Amount Debited to Stock Dividend $108,000 and Credited to Paid in Capital in excess of Par are $63,000

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