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How are dividends and dividends payable reported

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Reference no: EM132055245

Question - On Jan 1, Guillen Corp. had 95, 000 sharesof no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

April 1 Issued 25,000 additional shares of common stock for $17 per share.

June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30

July 10 Paid the 4$1 cash dividend

Dec. 1 Issued 2,000 additional share of common stock for $19 per share

Dec15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31

a) Prepare the entries if any, on each of the three dividend dates?

b) How are dividends and dividends payable reported in the financial statements prepared at December 31?

Reference no: EM132055245

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