Your answer is partially correct. Try again. On January 1, Guillen Corporation h

Question

Your answer is partially correct. Try again. On January 1, Guillen Corporation had 95,200 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, t following occurred Apr. 1 Issued 21,400 additional shares of common stock for $16 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30 uly 10 Paid the $2 cash dividend Dec. 1 Issued 2,000 additional shares of common stock for $20 per share 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31

Explanation / Answer

Answer:

Date

Description

Debit $

Credit $

15-Jun

Cash Dividends

233200

To dividend Payable

233200

,=(95200+21400)*2
=116600*2=233200

10-Jul

Dividend Payable

233200

233200

TO cash

1-Dec

Cash Dividends

237200

To dividend Payable

237200

,=(95200+21400+2000)*2
=118600*2=237200

Date

Description

Debit $

Credit $

15-Jun

Cash Dividends

233200

To dividend Payable

233200

,=(95200+21400)*2
=116600*2=233200

10-Jul

Dividend Payable

233200

233200

TO cash

1-Dec

Cash Dividends

237200

To dividend Payable

237200

,=(95200+21400+2000)*2
=118600*2=237200

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