On January 1, Bramble Corp. had 61,200 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. June July Dec. Dec. (a) 1 Issued 10,350 additional shares of common stock for $13 per share. Declared a cash dividend of $1.70 per share to stockholders of record on June 30. 10 Paid the $1.70 cash dividend. 15 1 15 Issued 4,600 additional shares of common stock for $11 per share. Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31.
On January 1, Bramble Corp. had 61,200 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. June July Dec. Dec. (a) 1 Issued 10,350 additional shares of common stock for $13 per share. Declared a cash dividend of $1.70 per share to stockholders of record on June 30. 10 Paid the $1.70 cash dividend. 15 1 15 Issued 4,600 additional shares of common stock for $11 per share. Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, Bramble Corp. had 61,200 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.
June
July
Dec.
Dec.
1 Issued 10,350 additional shares of common stock for $13 per share.
15
Declared a cash dividend of $1.70 per share to stockholders of record on June 30.
Paid the $1.70 cash dividend.
Issued 4,600 additional shares of common stock for $11 per share.
Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31.
Date
10
1
15
(a)
Prepare the entries on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Credit
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