,201 repre Required leThe only stockbolders\' equity items of lody Company at Ju

Question

,201 repre Required leThe only stockbolders' equity items of lody Company at June 30, 2011, are: ash dividend and Stockholders' equity l stock dividend are journal entries $1,200,000 480,000 Paid-in Capital: 6,000 shares issued and outstanding Paid-in capital in excess of par value Common stock-$200 par value, 10,000 shares authorized, 2) $1,680,000 480,000 $2,160,000 Total paid-in capital Retained earnings Total stockholders' equity On August 4, 2011, a 4% cash dividend was declared, payable on September 3 On No a 10%stock dividend was declared. The shares were issued on December 1 The vember 1 of the common stock was $360 per share on November 16 and $354 per share on D n December 1. ured Preparejournal entries for these dividend transactions.

Explanation / Answer

Aug-04 Cash dividends 48000 =1200000*4%           Cash dividends payable 48000 Sep-03 Cash dividends payable 48000           Cash 48000 Nov-16 Retained earnings 216000 =6000*10%*360          Stock dividends distributable 120000 =6000*10%*200          Paid in capital in excess of par value 96000 Dec-01 Stock dividends distributable 120000           Common stock 120000

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