Selected transactions of Oceanic Corporation during 20X1 follow. Record them in the general journal.

Analyze: What annual per share dividend was paid to common stockholders in 20X1?

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DATE Mar. 15 15 Apr. May 3 June 2 15 Sept. 15 Nov. 2 Dec. 2 15 31 TRANSACTIONS Filed the federal income tax return for 20X0 (the prior year's). The total tax for the year was $120,000. During 20X0, quarterly deposits of estimated tax totaling $110,000 had been made. The additional tax of $10,000 was paid with the return. On December 31, 20X0, the accountant had estimated the total tax for 20X0 to be $105,000 and had recorded a liability of $5,000 for federal income tax payable. Paid first quarterly installment of $35,000 on 20X1 estimated federal income tax. Declared dividend of $0.10 per share on the 50,000 shares of common stock outstanding. The dividend is payable on June 2 to stockholders of record as of May 20, 20X1. Paid dividend declared on May 3. Paid second quarterly installment of $35,000 on 20X1 estimated federal income tax. Paid third quarterly installment of $35,000 on 20X1 estimated federal income tax. Declared dividend of $0.10 per share on 50,000 shares of common stock outstand- ing. The dividend is payable on December 2 to holders of record on November 20. Paid dividend declared on November 2. Paid fourth quarterly installment of $35,000 on 20X1 estimated income tax. Total income tax for 20X1 was $150,000. Record as an adjustment the difference between this amount and the total quarterly deposits.