Italian stallion has the following transactions during the year related to stockholders' equity

february 1 issues 6,000 shares of no - par common stock for $ 16 per share.

may 15 issues 700 shares of $10 par value preferred sotck for $13 per share.

october 1 declares a cash dividend of $1.25 per share to all stockholders of record(both common and preferred) on october 15.

october 15 date of record.

october 31 pays the cash dividend declared on october 1.

required:

record each of these transactions.( omit account numbers and descriptions)

The Journal entries are as follows:

(i) On February 1,

Cash A/c (6,000 × $16)     Dr. $96,000

To common stock                                   $96,000

(To record the issue of shares)

(ii) On May 15,

Cash A/c (700 × $13)                     Dr. $9,100

To Preferred stock (700 × $10)                         $7,000

To paid in capital in excess of par                    $2,100

(To record the issue of preferred shares)

(iii) On October 1,

Dividend expense A/c (6,700 × $1.25)   Dr. $8,375

To Dividend payable                                                  $8,375

(To record the declaration of dividend)

(iv) On October 15,

No journal entry.

(v) On October 31,

Dividend Payable A/c    Dr. $8,375

To cash                                              $8,375

(To record the payment of dividend)

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forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.