On January 1, Cheyenne Corp. had 61,400 shares of no-par common stock issued and outstanding....
50.1K
Verified Solution
Link Copied!
Question
Accounting
On January 1, Cheyenne Corp. had 61,400 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 11,250 additional shares of common stock for $11 per share.
June 15
Declared a cash dividend of $1.90 per share to stockholders of record on June 30.
July 10
Paid the $1.90 cash dividend.
Dec. 1
Issued 5,000 additional shares of common stock for $12 per share.
Dec. 15
Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31.
(a)
Prepare the entries, if any, on each of the three dates that involved dividends.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
