Question
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 per share. | |
| Dec. 15 | Declared a cash dividend on outstanding shares of $1.75 per share to stockholders of record on December 31. |
| (a) | Prepare the entries, if any, on each of the three dates that involved dividends. |
Homework Answers
Answer #1
The entries are as below:-
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