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How are dividends and dividends payable reported

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Reference no: EM132759384

On January 1, Armada Corporation had 95 000 shares of 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 15 000 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 $1 cash dividend.
Dec 1 Issued 2 000 additional shares of common stock for $19 per share.
Dec 15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on december 31.

Required:

Problem 1: Prepare the entries, if any, on each of the three dividend dates.

Problem 2: How are dividends and dividends payable reported in the financial statements prepared as at December 31

Reference no: EM132759384

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