What would be the Journal Entries related to the following problem:

5% Preferred Stock ($50-par, 5,000 shares authorized,
2,000 shares issued and outstanding) $100,000
Common Stock ($10-par, 100,000 shares authorized,
30,000 shares issued and outstanding) 300,000
Paid-In Capital in Excess of Par: Preferred 40,000
Paid-In Capital in Excess of Par: Common 305,000
Retained Earnings 355,000

Total Stockholders’ Equity $1,100,000

Journal Entries:

a. Declared a cash dividend of $1 per share to common stockholders.
b. Paid the cash dividend.
c. Declared the cash dividend on preferred stock.
d. Paid the preferrede cash dividend.
e. Declared a 10% common stock dividend. The market price of the
common stock was $32 per share.
f. The 10% common stock dividend was distributed.
g. Carter’s purchased 5,000 shares of its own stock for $10 per share.

Date Account Title Debit Credit

a.

b.

c.

d.

e.

f.

g.