Question

Exercise 11-13 On January 1, Pina Colada Corp. had 94,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occurred. Apr. Issued 23,000 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Paid the $2 cash dividend Dec.1 Issued 1,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.80 per share to stockholders of record on December 31 Prepare the entries, on each of the three dividend dates. (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 manually.) Date Account Titles and Explanation Debit Credit

Answer 1

Journal entry

Date	account and explanation	debit	credit
June 15	Cash dividend (117000*2)	234000
	Dividend payable		234000
	(To record dividend declared)
July 10	Dividend payable	234000
	Cash		234000
	(To record dividend paid)
Dec 15	Cash dividend (118000*1.8)	212400
	Dividend payable		212400
	(To record dividend declared)