Question

issued 15 million shares of $1 par common stock for $465M on June 19, 2019. On...

issued 15 million shares of $1 par common stock for $465M on June 19, 2019. On November 1, 2019, the Board of Directors declared a $0.20 dividend per share of common stock. The date of record was November 10 and the dividend was to be paid on November 20. Record all transactions in journal form that are related to the above events.

Homework Answers

Answer #1
Journal Entries
Sr. No. Date Account Title and explanation $ In Million $ In Million
1 June 19, 2019 Cash $465
         Common Stock(15 Million Shares X $1) $15
         Paid in Capital in excess of par - Common Stock $450
2 Nov 01, 2019 Retained Earnings $3
       Dividend Payable (15 Million Shares X $ 0.20) $3
3 Nov 10, 2019 "No Journal entry" for record date of dividend
Jan-00 Nov 10, 2019 Dividend Payable $3
             Cash $3
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Delta Motors Corporation has 100,000,000 authorized shares of $1 par value common stock. As of June...
Delta Motors Corporation has 100,000,000 authorized shares of $1 par value common stock. As of June 30, 20x8, there were 1,000,000 shares issued and outstanding. On June 30, 20x8, the board of directors declared a $.20 per share cash dividend to be paid on August 1, 20x8, to shareholders of record on July 15, 20x8. Prepare entries in journal form to be recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment.
On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The...
On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19 per...
On January 1, Blossom Corporation had 93,000 shares of no-par common stock issued and outstanding. The...
On January 1, Blossom Corporation had 93,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occurred. Apr. 1 Issued 30,000 additional shares of common stock for $16 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 1,500 additional shares of common stock for $19 per...
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The...
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 1,500 additional shares of common stock for $19 per...
Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of...
Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2012, there were 500,000 shares issued and outstanding. On June 30, 2012, the board of directors declared a $0.30 per share cash dividend to be paid on August 1, 2012. Instructions Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record and (c) payment date.
Splish Corporation has 10.20 million shares of common stock issued and outstanding. On June 1, the...
Splish Corporation has 10.20 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 78 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. How would the entries differ if the dividend were a liquidating dividend?
On January 1, Ayayai Corp. had 61,000 shares of no-par common stock issued and outstanding. The...
On January 1, Ayayai Corp. had 61,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 9,450 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. July 10 Paid the $1.50 cash dividend. Dec. 1 Issued 4,200 additional shares of common stock for $11...
On January 1, Guillen Corporation had 94,500 shares of no-par common stock issued and outstanding. The...
On January 1, Guillen Corporation had 94,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $16 per share. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July 10 Paid the $3 cash dividend. Dec. 1 Issued 3,000 additional shares of common stock for $19 per...
On March 3rd, 4J Corporation issued 5,000 shares of its $2.00 par common stock for $15...
On March 3rd, 4J Corporation issued 5,000 shares of its $2.00 par common stock for $15 per share. On July 1, the company bought back 1,500 shares of its own common stock for $17 per share. The journal entry to record the buy back on July 1 would be a debit to_____ for_____ and a credit to_____ for_______. On September 2nd, they resold 500 shares for $20 per share. The journal entry to record the September 2nd resale would include...
On January 1, Grouper Corp. had 61,600 shares of no-par common stock issued and outstanding. The...
On January 1, Grouper Corp. had 61,600 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 12,150 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.65 per share to stockholders of record on June 30. July 10 Paid the $1.65 cash dividend. Dec. 1 Issued 5,400 additional shares of common stock for $13...