On January 1, 2017, Vera Corporation had 60,000 shares of $5 par value common stock issued and

Question:

On January 1, 2017, Vera had 60,000 shares of $5 issued and outstanding and 10,000 6% cumulative preferred stock issued and outstanding. During the year, the following transactions occurred:
1-Mar Declared a 15% stock on outstanding common stock. The market price per share as of March 1 is $17
April 10. The 15% stock declared on March 1 was issued to the common stockholders. May 10. Declared a 30% stock on outstanding common stock. The market price per share as of May 10 is $15
30-May The 30% stock declared on May 10 was issued to the common stockholders. The market price of the shares on that date is $25
5-Jun A 2 for 1 stock split was announced for stock holders on record as of July 30. The market price of the share was $45 on June 5
15-Jun Declared a cash of $2.00 per share to stockholders of record on July 15.
15-Aug Paid the $2.00 cash Declared a cash to preferred stockholders of record on October 15
31-Oct Paid preferred stockholders' declared on September 1.
Instructions
a. Prepare journal entries to record each of the above transactions. If no entry is required, indicate so.
b. Prepare all closing entries at year-end.
Common Stock
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A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...