Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstanding $5 par common...

Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstanding $5 par common shares. During 2019, Fusion entered into the following transactions:

a. Declared a $0.30 per-share cash dividend on March 10

b. Paid the $0.30 per-share dividend on April 10

c. Repurchased 8,000 common shares at a cost of $18 each on May 2

d. Sold 1,500 unissued common shares for $23 per share on June 9

e. Declared a $0.45 per-share cash dividend on August 10

f. Paid the $0.45 per-share dividend on September 10

g. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share

h. Declared a $0.50 per-share cash dividend on November 10

i. Paid the 0.50 per-share dividend on December 10

Required:

1. Prepare journal entries for each of these transactions (Note: Round to the nearest dollar.)

2. Determine the total dollar amount of dividends (cash and stock) for the year.

3. Conceptual Connection: Determine the effect on total assets and total stockholders' equity of these dividend transactions.

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ekkarill92 answered 1 year ago

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