Reference no: EM131975089
Question - The Norman Corporation's stockholders' equity accounts have the following balances as of January 1, 2016:
Common stock, $10 par (60,000 shares issued and outstanding 600,000
Additional paid-in capital: common 1,500,000
Retained earnings 1,200,000
Total stockholders' equity $3,300,000
Norman engaged in the following dividend transactions during 2016:
March 1: Declared a 50% stock dividend on the common stock, distribute on April 10. The market price per share for the common stock was $35 on March 1.
April 10: Distributed the stock dividend declared on March 1.
June 30: Declared a 10 % stock dividend on the common stock, distributable on August 5. The market price for the common stock was $38 per share on June 30.
August 5: Distributed the stock dividend declared on June 30.
December 1: A $.60 per share cash dividend was declared on the common stock, payable on January 20, 2017.
Required: Prepare the entries to record the dividend transactions for 2016.