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On January 1, Oriole Corporation had 97,500 shares of no-par common stock issued and outstanding. The...

On January 1, Oriole Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 29,500 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July 10 Paid the $3 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $4.90 per share to stockholders of record on December 31. (a) Prepare the entries to record these transactions.

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Answer #1
Journal Entries
Date Account titles & Explanations Debit Credit
1-Apr Cash (29500*19) 560500
Common stock (29500*6 177000
paid in capital in excess of stated value 383500
15-Jun Cash divided 381000
dividends payable (97500+29500)*3 381000
10-Jul Dividends payable 381,000
cash 381,000
1-Dec Cash (1000*18) 18000
Common stock (1000*6 6000
paid in capital in excess of stated value 12000
15-Dec Cash divided 627200
dividends payable (128000*4.90) 627,200
1 1
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