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How to record the transaction which occured consecutively

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Reference no: EM132712636

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

5% Preferred stock, $50 par value, 20,000 shares authorized,

6,000 shares issued andoutstanding $ 300,000

Common stock, $10 par value, 60,000 shares authorized,

40,000 shares issued and outstanding 400,000

Paid-in capital in excess of par 110,000

Total paid-in capital 810,000

Retained earnings 440,000

Total stockholders' equity $1,250,000

Problem 1: How to record the following transaction which occured consecutively.

(a) A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.

(b) A 15% common stock dividend was declared. The average fair value of the common stock is $25 per share.

Reference no: EM132712636

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