1.

Charleston Corporation has the following accounts at December 31: Common Stock, $10 par value shares issued, $70,000; Paid in Capital in Excess of Par $10,000; Retained Earnings $45,000; and Treasury Stock - Common, 500 shares, $10,000.

Prepare the stockholders' equity section of the balance sheet.

2.

On November 27, the board of directors of Beth Company declared a $.60 per share dividend for 25,500 shares $1 par common stock outstanding. The dividend is payable to shareholders of record on December 7th. The payment date is December 24th.

Journalize the entries needed on the declaration and payment dates.