Question

ԱստվյUR Current Attempt in Progress Paldin Capital in Excess of Par-Common stock 559.000 Paid the in credin Rebruary Announced Declareda 15 r ortop . Prior to the d ed to the markete record on 15 was $39 31 O m ar 1 Date Account Titles and Explanation WORONODODELU

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Solution: Journal Entries Credit Date Feb.01 Debit 177000 177000 Mar.01 177000 177000 Apr.01 Jul.01 247800 212400 35400 Account title and explaination Cash Dividend (59000*3) Dividend Payable (To record the declaration of cash dividend) Dividend Payable Cash (To record the payment of cash dividends) No Entry No Entry (No Journal entry require, only memo entry will be posted._ Stock Dividend [(59000*2)*15% ]*14 Common Stock Dividends Distributable (17700)" (24/2) Paid-on Capital in excess of par value (To record the declaration of stock dividend) Common Stock Dividends Distributable Common Stock (17700*12) (To record the issuance of stock dividend) Cash Dividend [(59000*2)+17700] *0.60 Dividend Payable (To record the declaration of cash dividend) Income Summary Retained Earning (To close the net income) Retained Earning Stock Dividend (To close the stock dividend account) Jul.31 212400 212400 Dec.01 81420 81420 Dec.31 332500 332500 Dec.31 247800 247800

Journal Entries Credit Date Dec.31 Debit 258420 Account title and explaination Retained Earning (177000+81420) Cash Dividends (To close the cash dividend account) 258420