On January 1, Grouper Corp. had 61,600 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 12,150 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.65 per share to stockholders of record on June 30. July 10 Paid the $1.65 cash dividend. Dec. 1 Issued 5,400 additional shares of common stock for $13 per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.75 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dates that involved dividends.

June 15

Dr Cash dividend121,690

Cr Dividend payable 121,690

July 10

Dr Dividend payable121,690

Cr Cash 121,690

Dec.15

Dr Cash dividend138,513

Cr Dividend payable138,513

Explanation:

Grouper Corp Journal entries

DateAccounts titles and ExplanationDebit ($)Credit ($)

June 15

Dr Cash dividend121,690

Cr Dividend payable 121,690

[($61,600+$12,150)*$1.65]

July 10

Dr Dividend payable121,690

Cr Cash 121,690

Dec.15

Dr Cash dividend138,513

Cr Dividend payable 138,513

[(61,600+12,150+5,400)*1.75]

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