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On January 1, 2018, Duffy Dog Corporation had 76,000 common shares, recorded at $653,000, and retained...

On January 1, 2018, Duffy Dog Corporation had 76,000 common shares, recorded at $653,000, and retained earnings of $1,044,000. During the year, the following transactions occurred:

Apr. 2 Issued 4,600 common shares at $20 per share.
June 15 Declared a cash dividend of $0.35 per share to common shareholders of record on June 30, payable on July 10.
Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20.
Nov. 1 Issued 2,900 common shares at $24 per share.
Dec. 20 Declared a cash dividend of $0.40 per share to common shareholders of record on December 31, payable on January 10.

Record the above transactions for 2018.  

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Answer #1
Journal entries
date particulars Debit Credit
02-Apr cash (4600*20) 92000
common shares 92000
15-Jun cash dividend (76000+4600)*0.35 28210
dividend payable 28210
10-Jul dividend payable 28210
cash 28210
21-Aug stock dividend (80600*5%*21) 84630
stock dividend distributable 84630
20-Sep stock dividend distributable 84630
common shares 84630
01-Nov cash (2900*24) 69600
common share 69600
20-Dec cash dividend (76000+4600+4030+2900)*0.40 35012
dividend payable 35012
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