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

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E11-13 On January 1, Armada 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 15,000 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.

Dec. 15

 

Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.

 

 

Prepare the entries, if any, on each of the three dividend dates.

Date

Account/Description

Debit

Credit

June 15

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http://edugen.wiley.com/edugen/art2/common/pixel.gif, dividends of $http://edugen.wiley.com/edugen/art2/common/pixel.gif.

In the http://edugen.wiley.com/edugen/art2/common/pixel.gif, dividends payable of $http://edugen.wiley.com/edugen/art2/common/pixel.gif.

 

 

    • 6 years ago
    On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding.
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