1 Problem #3 2 Dividends 3 4 15-Jan The stockholders' equity accounts of Lilia's Linguine Ltd. (LLL) balances as of December 31, 2019 are as follows: 5 6 7 8 Common stock, $2.00 par Paid in capital in excess of par Retained earnings $ 120,000 $ 850,000 $ 4,500,000 14-Feb 9 10 9-May 11 12 Required: Prepare the appropriate journal entry for each of the following 2020 transactions: 13 14 15 15-Jan 16-May 16 LLL declares a 35% stock dividend Shares of AADPL are currently selling on the NYSE at $22. 35% stock dividend distribution date, FMV of stock = $24 17 14-Feb 18 20-Jun 19 9-May 20 LLL declares a 4% stock dividend Shares of AADPL are currently selling on the NYSE at $25. 4% stock dividend distribution date, FMV of stock = $26 21 16-May 4-Jul 22 23 20-Jun LLL declares a $.80 per share cash dividend Cash dividend payment date 24 4-Jul 12-Nov 25 26 12-Nov 27 28 LLL declares a property dividend providing that each holder of a share of common stock will receive a one pound of linguine with a fair value of $3.00/box. The linguine is carried inventory at a cost of $180,000 LLL distributes the linguine. 29 24-Dec 24-Dec 30 31 32