Acompany has the following transactions during the year related to stockholders’ equity.
february 1 issues 4,400 shares of no-par common stock for $16 per share.
may 15 issues 800 shares of $10 par value, 4.5% preferred stock for $13 per share.
october 1 declares a cash dividend of $0.45 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.
record these transactions.

February 1

Dr Cash                             70,400

Cr Common stock           70,400

( to record the issuance of 4,400 no-par value common shares at $16 each)

May 15

Dr Cash                                                      10,400

Cr Preferred stock                                     8,000

Cr Paid-in capital - preferred stock           2,400

( to record the issuance of 800 $10-par-value preferred shares at $13 each)

October 1

Dr Retained Earnings                                 2,340

Cr Dividend Payable - Common stock     1,980

Cr Dividend Payable- Preferred stock      360

( to record dividend declaration)

Oct 15: No entry required

October 31st

Dr Dividend Payable - Common stock     1,980

Dr Dividend Payable- Preferred stock      360

Cr Cash                                                       2,340

( to record dividend payment)

Explanation:

Further Working notes:

* May 15: Actual cash receipt = issued price per share x share issuance = 13 x 800 = $10,400; Amount recorded in Preferred stock account = par value per share x share issuance = 10 x 800 = $8,000; Amount recorded in Paid-in capital account = (Issue price - Par value) x No of shares issuance = (13-10) x 800 = $2,400.

* Oct 1: Actual dividend paid out = Dividend paid to preferred stockholders + Dividend paid to common stock holders = 0.45 x 800 + 0.45 x 4,400 = $360 + $1,980 =  $2,340.

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