Bogscraft Company has outstanding 65,500 shares of $10 par value common stock and 26,100 shares of $20 par value preferred stock (8 percent). On February 1, the board of directors voted in favor of an 8 percent cash dividend on the preferred stock. The cash dividends were paid on March 15. The company closed its books at its fiscal year-end, June 30. Required: Prepare journal entries to record the events on (a) February 1, (b) March 15, and (c) June 30. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.