On January 1, Blue Spruce Corp. had 63,300 shares of no-par common stock issued and outstanding....

On January 1, Blue Spruce Corp. had 63,300 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 19,800 additional shares of common stock for $13 per share.
June 15		Declared a cash dividend of $1.65 per share to stockholders of record on June 30.
July 10		Paid the $1.65 cash dividend.
Dec. 1		Issued 8,800 additional shares of common stock for $11 per share.
Dec. 15		Declared a cash dividend on outstanding shares of $1.85 per share to stockholders of record on December 31.

(a)

Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 1,225.)

Expert Solution

Journal entries for only 3 dates of dividend related have been asked.
Workings

	No. of shares	Dividend per share	Total Dividend
Beginning balance	63,300
Apr 1 Issue	19,800
June 15 Dividend	83,100	$ 1.65	$ 137,115
Dec 1 Issue	8,800
Dec 15 Dividend	91,900	$ 1.85	$ 170,015

Journal Entries, as asked

Date	Accounts title	Debit	Credit
15-Jun	Dividend [Cash Dividend]	$ 137,115
	Dividend payable		$ 137,115
	(Dividend declared)

10-Jul	Dividend payable	$ 137,115
	Cash		$ 137,115
	(Declared dividend now paid)

15-Dec	Dividend [Cash Dividend]	$ 170,015
	Dividend payable		$ 170,015
	(Dividend declared)

ekkarill92 answered 2 years ago

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