1) Gammon, Inc., declared dividends during the current year as follows.

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2) Fowler, Inc., declared a 4 percent stock dividend on its 750,000 shares of common stock. The $10 par value common stock was originally sold for $14 and was selling at $17 at the time the stock dividend was declared.

The current year's cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of the declaration. A cash dividend of $0.75 per share on the $10 par value common stock. 750,000 shares were outstanding at the time of the declaration Prepare the general journal entries to record the declaration and payment of these dividends, assuming the declaration is recorded directly in retained earnings. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record dividends declared on preferred and common stock. Note: Enter debits before credits. Transaction Debit Credit 1 General Journal Retained earnings Dividends payable Record entry Clear entry View general Journal Fowler, Inc., declared a 4 percent stock dividend on its 750,000 shares of common stock. The $10 par value common stock was originally sold for $14 and was selling at $17 at the time the stock dividend was declared. Prepare the general journal entries to record and distribute the stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record declaration of stock dividend. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal