Following are selected transactions of White Corporation: Required Prepare journal entries for all of these transactions. 1991

Following are selected transactions of White Corporation:

Required Prepare journal entries for all of these transactions.

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1991 Dec. 31 The board of directors authorized the appropriation of $50,000 of retained earnings to provide for the future acquisition of a new plant site and the construction of a new building. (On the last day of the next six years, the same action was taken. You need not make entries for these six years.) 1996 Jan. 2 Mar. 29 1998 Purchased a new plant site for cash, $100,000. Entered into a contract for construction of a new building, payment to be made within 30 days following completion. Feb. 10 Following final inspection and approval of the new building, Dyer Construction Company was paid in full, $500,000. Mar. 10 The board of directors authorized release of the retained earnings appropriated for the plant site and building. Apr. 2 A 5% stock dividend on the 100,000 shares of $50 par value common stock outstanding was declared. The market price on this date was $55 per share.