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Posted: **Wed May 04, 2022 6:54 am**

: Common Dividends Papke Payroll Service Began The Year With 1 000 000 Authorized And 227 000 Issued And Outstanding 10 P 1 (14.43 KiB) Viewed 46 times

: Common Dividends Papke Payroll Service Began The Year With 1 000 000 Authorized And 227 000 Issued And Outstanding 10 P 2 (22.59 KiB) Viewed 46 times

: Common Dividends Papke Payroll Service Began The Year With 1 000 000 Authorized And 227 000 Issued And Outstanding 10 P 3 (20.83 KiB) Viewed 46 times

: Common Dividends Papke Payroll Service Began The Year With 1 000 000 Authorized And 227 000 Issued And Outstanding 10 P 4 (31.69 KiB) Viewed 46 times

Common Dividends Papke Payroll Service began the year with 1,000,000 authorized and 227,000 issued and outstanding $10 par common shares. During the year, Papke entered into the following transactions: a. Declared a $0.40 per-share cash dividend on March 10. b. Paid the $0.40 per-share dividend on April 10. c. Repurchased 8,000 common shares at a cost of $24 each on May 2 d. Sold 3,000 unissued common shares for $26 per share on June 9. e. Declared a $0.55 per-share cash dividend on August 10. f. Paid the $0.55 per-share dividend on September 10. 9. Declared and paid a 10% stock dividend on October 15 when the market price of the common stock was $28 per share. h. Declared a $0.60 per-share cash dividend on November 10. L. Paid the $0.60 per-share dividend on December 10.
Required: 1. Prepare journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. a. Mar. 10 Dividends Declared 90,800✔ Dividends Payable 90,800 b. Apr. 10 Dividends Payable 90,800 Cash 90,800 c. May 2 Treasury Stock 192,000 Cash 192,000 d. June 9 Cash 78,000 30,000 Accounting numeric field e. Aug. 10 Dividends Declared Dividends Payable f. Sept. 10 Dividends Payable Cash Common Stock Additional Paid-In Capital-Common Stock 0000
f. Sept. 10 Dividends Payable Cash g. Oct. 15 Dividends Declared Common Stock Additional Paid-In Capital-Common Stock h. Nov. 10 Dividends Declared Dividends Payable i. Dec. 10 Dividends Payable Cash 00 00 000 00 0000 000 00
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 the dividend transactions. Note the following: 1. If applicable, select the dividend transaction effect (e.g. "Affects assets", "Affects stockholders' equity", "No effect" or "Not a dividend transaction"). 2. Enter decreases in assets or equity as negative numbers. 3. If a cell does not require an answer, leave it blank. Transaction Effect on Stockholders' Equity Effect on Assets a. Affects stockholders' equity b. Affects assets C. Not a dividend transaction Not a dividend transaction Affects stockholders' equity Affects assets No effect Affects stockholders' equity Affects assets d. f. 9. h. L Total effect DàòðàÒ¤à¤ Accounting numeric field 0 0