On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts.

Common stock, $1 par, 242,000 shares issued	$	242,000
Paid-in capital—excess of par, common		484,000
Paid-in capital—excess of par, preferred		190,000
Preferred stock, $100 par, 19,000 shares outstanding		1,900,000
Retained earnings		3,800,000
Treasury stock, at cost, 4,200 shares		21,000

During 2021, Gerlach Inc. had several transactions relating to common stock.

January		15:		Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.8 per share, fair value $9.90 per share).
February		17:		Distributed the property dividend.
April		10:		A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date.
July		18:		Declared and distributed a 3% stock dividend on outstanding common stock; fair value per share, $5.
December		1:		Declared a 50 cents per share cash dividend on the outstanding common shares.
December		20:		Paid the cash dividend.

Required:
Record the above transactions and events in journal entry format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer rating: 100% (QA)

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