Reference no: EM131722422

Question - Gail Cowen Company had 30,000 shares of $1 Par common stock outstanding on 6/1/2016 and was holding 4000 shares as Treasury Stock on 6/1/2016(when market value of the stock was $4 per share).  On 6/15/2016 (market value of stock was still $4 per share) the company declared and distributed a 2% stock dividend.  Then, on July 1, 2016 the company declared a cash dividend of $.18 per share payable on August 1, 2016 to shareholders of record on July 18, 2016 (July 18, 2016 is the date of record).  Provide any needed journal entries for: 

a. Declaration  of the stock dividend on (6/15/2016)

b. Declaration of the cash dividend (7/1/2016)

c. Date of record for the cash dividend (7/18/2016)