entries - 240,000 Sept. 1 Cash Dividends .

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Jan. 10 No entry required. The stockholders’ ledger would be revised to record the increased number of shares held by each stockholder. Mar. 1 Cash Dividends . ................................................... 216,000* Cash Dividends Payable . ........................................... 216,000 *(80,000 × $1.20) + (500,000 × $0.24) Apr. 30 Cash Dividends Payable. ..................................... 216,000 Cash. ............................................................................ 216,000 July 9 Treasury Stock (75,000 × $26) . ............................ 1,950,000 Cash. ............................................................................. 1,950,000 Aug. 29 Cash (40,000 × $32) . ............................................. 1,280,000 Treasury Stock (40,000 × $26). .................................... 1,040,000 Paid-In Capital from Sale of Treasury Stock (40,000 × $6). ..........................................................
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Unformatted text preview: 240,000 Sept. 1 Cash Dividends . ................................................... 165,750* Cash Dividends Payable . ......--------------. ........................ 165,750 *(80,000 $1.20) + [(500,000 35,000) $0.15] 1 Stock Dividends (4,650 $30). ................................ 139,500** Stock Dividends Distributable (4,650 $25) 116,250 Paid-In Capital in Excess of ParCommon Stock (4,650 $5). ......................................................................... 23,250 **(500,000 35,000) 1% $30 Oct. 31 Cash Dividends Payable. ..................................... 165,750 Cash. ................................................................................. 165,750 31 Stock Dividends Distributable . ........................... 116,250 Common Stock . ........................................................... 116,250...
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