Exercise 11-6 On January 1, Bramble Corp. had 61,200 shares of no-par common sto

Question

Exercise 11-6 On January 1, Bramble Corp. had 61,200 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred Apr. 1 Issued 10,350 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.70 per share to stockholders of record on June 30. uly 10 Paid the $1.70 cash dividend. Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31 (a) Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 1,225.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

June 15 Dividends $121635

To Dividends payable $121635

July 10 Dividends payable $121635

To cash $121635

Dec 15 Dividends $152300

To dividends payable $152300.

* 71550 shares * $1.70 = $121635

** 76150 shares * $2.00 = $152300

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