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nt Exercise 14-1 (Essay) On January 1, Guilen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. uly 10 Paid the $1 cash dividend. Dec. 1 1ssued 2,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31 How are dividends and dividends payable reported in the financial statements prepared at December 317 Click if you would like to Show Work for this question:
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Journal entry flow for dividend Particulars 1When Declared Dividend Dividend Payable To record declaration of dividend 2 When Paid Dividend Payable Cash To record payment of dividend) 3 Retained Earnings Dividend To close the dividend account January1 Share outstanding April1 95000 Issue of New Share 25000 Total share outstanding December1 Additional issue of share 2000 Total share outstanding Dividend declared on June 10 and paid on July 15 Total share outstanding Dividend per share Total Dividend paid $1per share 120000 $1 $120,000.00 Dividend declared on December 15 Total share outstanding Dividend per share Total Dividend declared 122000 $1.20 $146,400.00Jouranal e for dividend will be Date Particulars Debit Credit une30 $120,000.00 Dividend Dividend Payable To record declaration of dividend) Dividend Payable Cash To record payment of dividend) $120,000.00 July 10 $120,000.00 $120,000.00 December31 Dividend 5146,400.00 $146,400.00 Dividend Payable To record declaration of dividend December 31Retained Earnings 5266,400.00 Dividend $266,400.00 To close the dividend account at year end In the Balance sheet, the dividend of $266400 will get reduced from the Retained Earnings and Dividend payable will be shown under Current Liabilities at $ 146400

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