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Carlyon Company listed the following equity items on December 31, 2012:
Investment in Man Company bonds
$25,000
Dividends payable: preferred
$4,000
Dividends payable: common
$40,000
Preferred stock, 8%, $100 par
$100,000
Common stock, $10 par
$400,000
Additional paid-in capital on preferred stock
$20,000
Additional paid-in capital on common stock
$210,000
Retained Earnings
$270,000
During 2013, the following transactions occurred:
Feb.
2
Paid the semiannual declared on December 15, 2012.
Mar.
5
Declared a property dividend, payable to common shareholders on April 5 in Man company bonds being held to maturity. The bonds (which have a book value of $25,000) have a current market value of $31,000.
Apr.
Paid the property dividend.
July
6
Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17.
Aug.
17
Paid the cash dividends
Oct.
15
Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share.
Dec.
3
Issued the stock dividend.
28
Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2014
Dec 3 Answer Required
Debit
Credit
Common stock to Be distributed
xxxxxx
Dec 28 Answer Required
Dividends Payable Preferred
Dividends Payable Common
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