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. Apr. 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
on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued
2,000 additional shares of common stock for $19 per
Dec. 15 Declared a cash dividend on outstanding shares of $1.20
per share to stockholders of record on December 31.
Prepare the entries, if any, on each of the three
dividend dates. How are dividends and dividends payable reported
the financial statements prepared at December 31?