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The Norman Corporation's stockholders' equity accounts have the following balances as of January 1, 2016:

The Norman Corporation's stockholders' equity accounts have the following balances as of January 1, 2016:

Common stock, $10 par (60,000 shares issued and outstanding 600,000

Additional paid-in capital: common 1,500,000

Retained earnings 1,200,000

Total stockholders' equity $3,300,000


Norman engaged in the following dividend transactions during 2016:


March 1: Declared a 50% stock dividend on the common stock, distribute on April 10. The market price per share for the common stock was $35 on March 1.


April 10: Distributed the stock dividend declared on March 1.


June 30: Declared a 10 % stock dividend on the common stock, distributable on August 5. The market price for the common stock was $38 per share on June 30.


August 5: Distributed the stock dividend declared on June 30.


December 1: A $.60 per share cash dividend was declared on the common stock, payable on January 20, 2017.


Required: Prepare the entries to record the dividend transactions for 2016.

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