7. On June 1, 2015, RPC Corporation announced a cash dividend of $52,000 for the year. The company determined the shareholders to receive the dividends on July 5, 2015, and made the disbursement on July 18, 2015. Prepare the journal entry required as of each date. 8. Reeds Corp. decided to pay the dividends below on August 1, 2015. On September 20, 2015, the corporation determined the owners of the stock and made the cash payment on the first of the following month. Prepare the journal entries required. Dividends per share 10,000 shares of preferred stock, $20 par $4 50 20,000 shares of common stock, $5 par $2.10 . Silver Dollar Corp, had the balances below on January 15, 2015, in its stockholders' equity accounts. On that same day, the company declared a 2% stock dividend, when the stock had a current market value of $20 per share. The stock dividends are distributed on February 20, 2015. Prepare the journal entries required on each date. Common Stock, $2 par (100,000 shares issued) $200,000 Paid-In Capital in Excess of Par-Common Stock 470,000 Retained Earnings 1,060,000 10. Shem Creek declared a 10% stock dividend on March 2, 2015, when its stockholders' equity accounts had the balances listed. On this date, the market value of common stock was $70 a share. The company distributed the dividends on April 15, 2015. Prepare the journal entries required on each date. Common Stock, $10 par (250,000 shares issued) $2,500,000 Paid-In Capital in Excess of Par-Common Stock 18,750,000 Retained Earnings 54,350,000