Question

On January 1, Cullumber Corporation had 93.000 shares of no-par common stock ed and outstanding. The stock has a stated value of 57 per share. During the year, the following curred Apr. 1 June 15 July 10 Dec. 1 15 ssued 20.500 tona shares of common stock for 18 per share Declared a cash dividend of 52 per share to stockholders of record on June 30. Paid the 52 cash dividend. Issued 2,000 additional shares of common stock for $10 per share. Declared a cash dividend on outstanding shares of $3.50 per share to stockholders of record on December 31 Record al entries the order presented Prepare the entries to record these transactions. If no entry is required, select "No entry for the account s and en the problem. Credit account titles are automatically indented when amount is entered De not indent manually.) Date Account Titles and Explanation Debit Credit

Answer 1

Answer:

Debit Date Account Titles Credit Calculations: $369,000 =20500*$18 Apr. 1 Cash $143,500 =20500 * $7 =20500*(18-7) Common Stock Additional Paid in Capital $225,500 June. 15 Dividend $227,000 = (93000+20500) *$2 Dividend Payable $227,000 Dividend Payable $227,000 July. 10 $227,000 Cash $36,000 =2000*$18 Cash Dec. 1 $14,000 =2000 * $7 Common Stock Additional Paid in Capital $22,000 =2000*(18-7) $404,250 = (93000+20500+2000)*$3.50 Dividend Dec. 15 $404,250 Dividend Payable