Exercise 11-13 On January 1, Guillen Corporation had 99,000 shares of no-par com

Question

Exercise 11-13 On January 1, Guillen Corporation had 99,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. Apr. 1 Issued 25,500 additional shares of common stock for $17 per share. une 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. uly 10 Paid the $1 cash dividend Dec. 1 Issued 3,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of?4.00 per share to stockholders of record on December 31 Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT

Explanation / Answer

Journal entries Date Account Titles and Explanation Debit Credit Apr.1 Cash $433,500.00 Common stock $102,000.00 Additional Paid in capital $331,500.00 (to record issue of 25500 shares of common stock at $17 per share having stated value of $4 per share) Jun-15 Retained Earnings $124,500.00 Dividend Payable $124,500.00 (to record declaration of cash dividend @ $1 per share) Jul-10 Dividend Payable $124,500.00 Cash $124,500.00 (to record payment of dividend) Dec.1 Cash $57,000.00 Common stock $12,000.00 Additional Paid in capital $45,000.00 (to record issue of 3000 shares of common stock at $19 per share having stated value of $4 per share) Dec.15 Retained Earnings $510,000.00 Dividend Payable $510,000.00 (to record declaration of cash dividend @ $4 per share)

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