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On January 1, Steff Corporation had 80,000 shares of no-par common stock issued. 5,000 shares...

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Accounting

On January 1, Steff Corporation had 80,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of $5 per share. During the year, the following transactions occurred. Apr. 1 Issued 12,000 additional shares of common stock for $18 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 Purchased 7,000 additional shares of common stock for $17 per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholder of record on December 31. Instructions, show computations (a) Prepare the entries, if any, on each of the three dividend dates.

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