Bogscraft Company has outstanding 60,000 shares of $10 par value common stock and 25,000 shares of $20

Question:

Bogscraft Company has outstanding 60,000 shares of $10 and 25,000 shares of $20 preferred stock (8 percent). On February 1, 2013, the board of directors voted in favor of an 8 percent cash on the preferred stock. The cash dividends are to be paid on March 15, 2013. A 100 percent stock on the occurred on June 30, 2011, when the price was $30 per share.
Required:
Prepare journal entries to record the events on
(a) February 1,
(b) March 15, and
(c) June 30?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...