eporting and Analyzing Stockholders' Equity vidends and E11-6 On January 1, Graves Corporation had 60,000 shares of no-par common stock presentation. issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. June 15 Issued 9,000 additional shares of common stock for $11 per share. Declared a cash dividend of $1.50 per share to stockholders of record on 1 June 30. July 10 Paid the $1.50 cash dividend. Dec. 1 Issued 4,000 additional sbares of common stock for $12 per share. 15 Dec. Declared a cash dividend on outstanding shares of $1.60 per share to stock- holders of record on December 31. Instructions (a) Prepare the entries, if any, on each of the three dates that involved dividends. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
eporting and Analyzing Stockholders' Equity vidends and E11-6 On January 1, Graves Corporation had 60,000 shares of no-par common stock presentation. issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. June 15 Issued 9,000 additional shares of common stock for $11 per share. Declared a cash dividend of $1.50 per share to stockholders of record on 1 June 30. July 10 Paid the $1.50 cash dividend. Dec. 1 Issued 4,000 additional sbares of common stock for $12 per share. 15 Dec. Declared a cash dividend on outstanding shares of $1.60 per share to stock- holders of record on December 31. Instructions (a) Prepare the entries, if any, on each of the three dates that involved dividends. (b) How are dividends and dividends payable reported in the financial statements prepared at December 31?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.13AMCP
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