Question

Problem 11-8A (Part Level Submission) On January 1, 2017, Cheyenne Corp, had these stocknolders equity accounts Common Stock ($10 par value, 68,500 shares issued and cutstanding) Paid-in Capital in Excess of Par Velue Rctained Earnings $635,000 OD,000 During the year, the fellowing transactions occurred Jan. 15 Declared sn.40 cash dividend per share to stnckhalders of recard on lanuary 31, payable February 15. Feb. 15 Pald the dividend declared In January, Apr. 15 Declared a 10% stock dividend to stockholders or record on April 30, distributable May 15. On Apri 15, the market price of the stock was $12 per share. May 15 Issued the shares or the stock dividend. Dec. 1 Declared SD.50 per share cah dividend to stockhalders of recard on December 15, Dec. 31 Daterminad that nat income far the year was $446,0n0. , payable Fehruary 15 payable January 10, 2018 nalize tho transactions. (Include antries to dosa net income and dividends to Retained Eamings.) (Rcond ontries in the order displayed in the problem statoment. Credit account titles aro automatically indented wwhon amount is entarod. Do not indent manally. If no entry is required, select "No Entry" for the account titlos and enter for the amounts.)

Answer 1

Date	Account Description	Debit	Credit
15-Jan	Dividend	24,200.00
	To Dividend Payable		24,200.00
	Being Common Stock Dividend *0.4 per share declared)
15-Feb	Dividend Payable	24,200.00
	To cash		24,200.00
	(Being Dividend Paid)
15-Apr	Retained Earnings	72,600.00
	Paid in Capital in Excess of Par		12,100.00
	To Stock Dividend Distributable		60,500.00
	(Being 10% Stock Dividend declared)
15-May	Paid in Capital in Excess of Par	12,100.00
	To Common Stock		12,100.00
	(Being Common Stock Issued)
1-Dec	Dividend	33,275.00
	To Dividend Payable		33,275.00
	Being Common Stock Dividend *0.5 per share declared)
31-Dec	Dividend Payable	33,275.00
	To cash		33,275.00
	(Being Dividend Paid)