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.

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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
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