Question

During the year ended December 31, 20--, Choi Company completed the following transactions:
Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding.
May 10 Paid the cash dividends.
Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20.
Nov. 20 Paid the cash dividends.
22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share.
Dec. 16 Issued certificates for common stock dividend.
20 Board of directors declared a two-for-one common stock split.

Required
Prepare journal entries for the transactions.



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  • CreatedJune 07, 2014
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