Problem related to equity transactions

Reference no: EM13147754

Corporation has the following capital structure at the beginning of the year:

Common stock, 10$ par value,
60,000 shares authorized,
40,000 shares issued and outstanding 40,000
Paid-in capital in excess of par 110,000

Instructions - Prepare the entries for the two transactions below.

(1) A total cash dividend of $90,000 was declared and payable to stockholders of record.

(2) A 10% common stock dividend was declared. The market value of the common stock is $18 a share.

Reference no: EM13147754

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