Question

View Policies Current Attempt in Progress On January 1, Sandhill Corporation had 90,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. 1 Issued 29,500 additional shares of common stock for $18 per share. Apr. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July Dec. 10 Paid the $3 cash dividend. Issued 2.000 additional shares of common stock for $20 per share. 1 15 Declareda cash dividend on outstanding shares of $3.70 per share to stockholders of record on December 31. (a) Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record Journal entries In the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not Indent manualy.) Account Titles and Explanation Date Debit Credit Apr. 1 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock lune 15 Cash Dividends

Answer 1

Janswer Sundhill_Corporation Journal Enties Dale ApyL 118000 - Particulars o Debit ($) Jaelit ($) ash Ale (19500 shqves x $18) - pre 531000 TO (RM1900 Stock (29)00 shares x $5) To Additional Paldio apila. Excess of 413000 Por. Common Stick (19500 shqve x $14) CBeing common stock issued in excess! of stated par value of $4) 360000 260001 June 15 || Cashoividends. Acc [('90sdo+ 29500) shyves X 3] on - To Gsh_gividends_Paypble. Ale (being dividend declared at the rate of $ 3 peo share outstanding to Illy 10 a n or. 360000 cash oivisent payable payable Ale - To Cash Al (being payment of duidend pade) 360000 Dec. 1 40000 8000 32000 Cash Ale (1000 shares X $20 br To common Spoule (2000 shen ex $4) tabi To_Allt 99/ Prid19 Capita) Excess of - Pay common stock (2000 shares X$ 15) |CBeing common Stock issued in excess of Ipar valye of $40 Deris. I cash Oivenda Ac [(gosto + 29500 +2000) shqve X 3.1 ]n. Ja - To Goh Dividents Payable Being dividend declared at the rate of | 451400

| $ 3.70 per Share outstanding) - Total 1742400 1742 600 1 Sandhill Corporation has no pav valye stock. Stock has stated value of $ 4 per share. - It is assumed that such stated value of $ 4 per share is the par value of common stock of Sandhill Corporation