11.) Melon Company has outstanding 400,000 shares of $10 par value ordinary shares. The company declares a 5% shares dividend when the fair value of the shares is $65 per share. Prepare the journal entries for Melon Company for both the date of declaration and the date of distribution.

12.) Use the information from QUESTION 11, but assume Melon Company declared a 100% shares dividend rather than a 5% shares dividend. Prepare the journal entries for both the date of declaration and the date of distribution.

20.) The equity accounts of Noble Company have the following balances on December 31, 2019. Share Capital - Ordinary, $10 par, 200,000 shares issued and outstanding $2,000,000 Share Premium Ordinary 1,200,000 Retained Earnings 5,600,000 Shares of Nobel Company shares are currently selling at $37.

Prepare all necessary journal entries for each of the following cases.

(a) A shares dividend of 5% is declared and issued.

(b) A shares dividend of 40% is declared and issued.

22.) The outstanding share capital of Grew Company consists of 2,000 shares of $100 par value, 6% preference, and 5,000 ordinary shares of $50 par value. Directors have declared cash dividends of $70,000. Note that preference dividends were not paid during the 2 years preceding the current year.

Determine how much each class of shares should receive under each of the following conditions:

(a) The preference shares are non-cumulative and non-participating.

(b) The preference shares are cumulative and non-participating.

(c) The preference shares are cumulative and fully participating.