Homework Answers
Journal Entries for the requirements:
| Date | General Journal | Debit | Credit | |
| 1. | - | Common stock Dividend Distributable | $63000 | |
| Common stock | $63000 | |||
| (To record the issue of stock dividend) | ||||
| 2. | - | Cash Dividends | $68400 | |
| Dividends payable | $68400 | |||
| (To record the declaration of cash dividends) | ||||
| - | Dividends payable | $68400 | ||
| Cash | $68400 | |||
| (To record the payment of cash dividend) |
Notes
1. Stock Dividend Distributable
= (Common shares outstanding × Stock dividend percentage) × par value
= (75000 × 14%) × $6
= 10500 × $6
= $63000
2. Cash Dividends declared and paid
= Total outstanding shares as on date on declaration of dividend × Dividend per share
= (75000 + 10500) × $0.80
= 85500 shares × $0.80
= $68400
_____×_____
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