On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and

E11-13.On
January 1, Guillen Corporation had 95,000 shares of no-par common stock issued
and outstanding. The stock has a stated value of $5 per share. During the year,
the following occurred.

Apr.
1 Issued 25,000 additional
shares of common stock for $17 per share.
June
15 Declared a cash dividend of
$1 per share to stockholders of record on June 30.
July
10 Paid the $1 cash dividend.
Dec.
1 Issued 2,000 additional
shares of common stock for $19 per share.
15 Declared a cash dividend on
outstanding shares of $1.20 per share to stockholders of record on December 31.

Instructions
a)
Prepare
the entries, if any, on each of the three dividend dates.
b)
How
are dividends and dividends payable reported in the ?nancial statements
prepared at December 31?

 

 

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