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.
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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