On January 1, Tellier Corporation had 60,000 shares of no-par

On January 1, Tellier Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred.
Apr. 1 Issued 9,000 additional shares of common stock for $11 per share.
June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30.
July 10 Paid the $1.50 cash dividend.
Dec.
1 Issued 4,000 additional shares of common stock for $12 per share.
15 Declared a cash dividend on outstanding shares of $1.60 per share to stockholders of record on December 31.
Instructions
(a) Prepare the entries, if any, on each of the three dates that involved dividends.
(b) How are dividends and dividends payable reported in the financial statements prepared at December 31?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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...

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