Declared semiannual dividends of $1.20 on the preferred stock and $0.15 on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding , to be capitalized at the fair market value of the common stock, which is estimated at $30.
Aug 29 Cash- 1,280,000 (Debit)
Treasuary stock - 1,040,000 (credit)
Paid-in Capital from Sale of Treasury Stock - $240,000 (credit)
Sep 1 Cash Dividends - 165,750 (credit)
Cash dividens payable - 165,750 (debit)
Sep 1 Stock Dividends ?
Stock dividends distributable?
Paid-in Capital in Excess of Par Value - Common Stock?