On January 1, Flint Corporation had 62,900 shares of no-par common stock issued

Question

On January 1, Flint Corporation had 62,900 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 18,000 additional shares of common stock for $13 per share June 15 Declared a cash dividend of $1.95 per share to stockholders of record on June 30 July 10 Paith $1.95 cash dividend Dec. 1 Issued 8,000 additional shares of common stock for $13 per share Dec. 15 Declared a cash dividend on outstanding shares of $2.25 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

Journal entry :

Date Account titles and explanation debit credit June 15 Dividend (62900+18000)*1.95 157755 Dividend payable 157755 (To record dividend declared) July 10 Dividend payable 157755 Cash 157755 (To record dividend paid) Dec 15 Dividend (88900*2.25) 200025 Dividend payable 200025 (To record dividend declared)

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