Selected transactions of Divad Corporation during 2016 follow. Record them in the general journal. Analyze: What annual per share dividend was paid to common stockholders in 2016?
DATE TRANSACTIONS
Mar. 15 Filed the federal income tax return for 2015. The total tax for the year was $136,750. During 2015, quarterly deposits of estimated tax totaling $130,000 had been made. The additional tax of $6,750 was paid with the return. On December 31, 2015, the accountant had estimated the total tax for 2015 to be $134,600 and had recorded a liability of $4,600 for federal income tax payable.
Apr. 15 Paid first quarterly installment of $42,000 on 2016 estimated federal income tax.
May 3 Declared dividend of $0.20 per share on the 50,000 shares of common stock outstanding. The dividend is payable on June 2 to stockholders of record as of May 20, 2016. June 2 Paid dividend declared on May 3.
15 Paid second quarterly installment of $42,000 on 2016 estimated federal income tax.
Sept. 15 Paid third quarterly installment of $42,000 on 2016 estimated federal income tax.
Nov. 2 Declared dividend of $0.20 per share on 50,000 shares of common stock outstanding. The dividend is payable on December 2 to holders of record on November 20.
Dec. 2 Paid dividend declared on November 2.
15 Paid fourth quarterly installment of $42,000 on 2016 estimated income tax.
31 Total income tax for 2016 was $169,040. Record as an adjustment the difference between this amount and the total quarterly deposits.