COMMON DIVIDENDS Thompson Payroll Service began in 2008 with 2,000,000 authorized and 450,000 issued and outstanding $7 par common shares. During 2008, Thompson entered into the following transactions:

a. Declared a $0.25 per share cash dividend on March 24.

b. Paid the $0.25 per share dividend on April 6.

c. Purchased 13,000 common shares for the treasury at a cost of $17 each on May 9.

d. Sold 4,600 unissued common shares for $29 per share on June 19.

e. Declared a $0.30 per share cash dividend on August 1.

f. Paid the $0.30 per share dividend on September 14.
g. Declared and paid a 20 percent stock dividend on October 25 when the market price of the common stock was $26 per share.
h. Declared a $0.50 per share cash dividend on November 20.
i. Paid the $0.50 per share dividend on December 20.
Required:
. Prepare journal entries for each of these transactions.
. What is the total amount of dividends (cash and stock) for the year?
. Determine the effect on total assets and total stockholders’ equity of these dividend transactions.