Debit 250,000 $ 0 Credit 0 250,000 a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Jun. 18 Stock Dividends $ Stock Dividends Distributable Declared stock dividend. Jul. 1 Stock Dividends Distributable Common Stock Issued common shares as stock dividend. Dec,20 Cash Dividends e Dividends Payable - Preferred Stock Dividends Payable. Common Stock Declared a cash dividend on preferred and common stock outstanding. 250,000 0 0 250,000 52,500 x 0 0. 52,500 195,000 0 b. Prepare a statement of retained earnings. The net income for the year is $383,000, Do not use negative signs with your answers. CYCLONE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 $ 830,000 Add: Ner Income 379,000 x OX Less: Cash Dividends Di $ 0 X Stock Dividends Declared 250,000 250,000 X Retained Earnings, Deco $ OX Check Support U My Subscriptions E BusinessCourse Return to course Retained Earnings: Transactions and Statement The stockholders' equity of Cyclone Corporation at January 1 follows Percentrelerred stod 250.000 short 35.0 shares soundtand outstanding 2000 Common stock 35 par value 300.000 here withored 100.000 htud and outstand 500.000 Paitapar ve Common stock SCO Monedering 830,000 Total Stockholders 12265.000 The following transactions, among others, occurred during the year june Decared a 50 percent och dividend on allontandings of common to the the 117 M issued the dock din declared on it Dec. 20 Decrew and thend on the preferved stock and the videed of 81.30 per store on the comunion stock, plavatie on January 20 to Wockholders or record on December 28 Credit Debit Cod 350.000 Required Prepare journal entries to record the foregoing transactions General Journal Data Description 1 Stock Didendi Sock Didends Die Declared stock didend Stock Dividends Commons sed common shares stod dividend Dec 30 Cash Ovdends Orden Payale-Preferred Owend Pabe-Common Stock 250.000 0 25.000 53.100 D 0 0 52.500 195.000