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On January 1, Grouper Corp. had 61,600 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 12,150 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 5,400 additional shares of common stock for $13 per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.75 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dates that involved dividends.

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Answer:

June 15

Dr Cash dividend 121,690

Cr Dividend payable 121,690

July 10

Dr Dividend payable 121,690

Cr Cash 121,690

Dec.15

Dr Cash dividend 138,513

Cr Dividend payable 138,513

Explanation:

Grouper Corp Journal entries

Date Accounts titles and Explanation Debit ($) Credit ($)

June 15

Dr Cash dividend 121,690

Cr Dividend payable 121,690

[($61,600+$12,150)*$1.65]

July 10

Dr Dividend payable 121,690

Cr Cash 121,690

Dec.15

Dr Cash dividend 138,513

Cr Dividend payable 138,513

[(61,600+12,150+5,400)*1.75]

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