Answers for 24 & 25

ulg t up so that a bond can be retired at maturity is called a: A) debenture fund. C) retirement fund. 23) 23) B) sinking fund. D) bond payable fund. SAY. Write your answer in the space provided or on a separate sheet of paper 24) Quinn Corporation has 2,000 shares of common stock issued and outstanding. The board of directors declared a $1.00 per share cash dividend on January 5, payable on March 5, to stockholders of record on February 5 Prepare the appropriate jourmal entries for the declaration and payment of the dividend. 25) On May 31, Mason Corporation has the following stockholders' equity Common Stock, $10 par value, 6,000 shares issued and outstanding Retained Earnings $60,000 20,000 Total Stockholders'Equity The board of directors declared a 10% stock dividend on June 5 to the stockholders of record on June 15, The stock is to be distributed on June 30. On the date of declaration, the stock had a market value of $15 per share. Prepare the appropriate journal entries for these transactions