Reference no: EM132944383
Sampson Corporation reports the following transactions for 2019:
Jan. 10 Sold 5,000 shares of $4.50, noncumulative, preferred shares for $85 per share
Oct. 12 Declared a 15% stock dividend on the common shares. The current market price of the common shares is $15 per share. Sampson Corporation has 100,000 common shares issued and outstanding on October 12.
Nov. 15 Distributed the stock dividend declared on October 12.
Dec. 15 Declared the annual dividend required on the preferred shares $4.50 per share and a $0.50 per share dividend on the common shares. Sampson Corporation currently has 20,000 preferred shares and 115,000 common shares issued and outstanding (Note: It's included the Nov.15 transaction). They are payable on January 10, 2020, to the shareholders of record on December 31, 2019.
Dec. 19 Sold 3,000 common shares for $12 per share.
Jan. 10, 2020: Paid the cash dividend declared on December 15, 2019.
Instructions (Show all calculations):
Problem 1: Prepare journal entries for the above transactions.
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