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."

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