Journal entries for dividends. Prepare journal entries for the following transactions of Watt Corporation. The firm has 20,000 shares of \(\$ 15\)-par value common stock outstanding on January 1, Year 6. The balance in the Additional Paid-in Capital account on this date is \(\$ 200,000\).

a. Declares a dividend of \(\$ 0.50\) per share on March 31, Year 6 .

b. Pays the dividend in part a on April 15, Year 6.

c. Declares and distributes a 10 percent stock dividend on June 30, Year 6. The market price of the stock is \(\$ 20\) on this date.

d. Declares a \(\$ 0.50\) per share dividend on September 30, Year 6.

e. Pays the dividend in part \(\mathbf{d}\) on October 15, Year 6.

f. Declares a 3-for-2 stock split on December 31, Year 6, but does not alter the par value.