eBook Calculator Problem 10-85A (Algorithmic) Common Dividends Papke Payroll Service began 2019 with 1,000,000 authorized and 213,000 issued and outstanding $10 par common shares. During 2019, Papke entered into the following transactions: a. Declared a $0.40 per-share cash dividend on March 10 b. Paid the $0.40 per-share dividend on April 10. c. Repurchased 8,000 common shares at a cost of $24 each on May 2 d. Sold 3,000 unissued common shares for $26 per share on June 9, e. Declared a $0.55 per-share cash dividend on August 10. Pald the $0.55 per-share dividend on September 10 9. Declared and paid a 10% stock dividend on October 15 when the market price of the common stock was $28 per share. h. Declared a $0.60 per-share cash ltividend on November 10 L Paid the $0.60 per-share dividend on December 10. Required: 1. Prepare journal entries for each of these transactions. 2019 a. Mar, 10 Dividends Payable x 040 X Retained Earnings (or Dividends) x 040 X (Record lability for dvidends) Accounts Payablex b. Apr. 10 e4 X Cash 040 (Record payment of dividends) Treasury Stock C May 2 192,000 Cash 193,008 (Record purchase of treasury shares) Previous Next Check My Work 4 mone Check My Work uses remaining Email instructor All work saved Save and Exlt Submit Assignment for Grading 4 888 Cil 10 % 6 7 delete 5 O P U Y K J O 00 e Seareh Calouator (Record purchase of treasury shares) dJune 9 (Record eue of treasury sheres) Dividends Payable x e Aug 10 Cash x Becord abty tor dvidends) Dividends Payable tSept. 10 Comect Cash (Recond payment of dividends) 9 Oct 15 (Recond small stock dvidend h Now 10 (Record labity for dividends) L Dec. 10 (Record payment of dividends) Previous Next Check My Work 4 more Check My Work uses remaining Submit Assignment for Grading mal nstructo Save and Exit All work saved MacBook Pro & delete 7 5 P Y T retu L K G ention A. V N 16 eBook Calculator Problem 10-85A (Algorithmic) Common Dividends Papke Payroll Service began 2019 with 1,000,000 authorized and 213,000 issued and outstanding $10 par common shares. During 2019, Papke entered into the following transactions: a. Declared a $0.40 per-share cash dividend on March 10 b. Paid the $0.40 per-share dividend on April 10. c. Repurchased 8,000 common shares at a cost of $24 each on May 2 d. Sold 3,000 unissued common shares for $26 per share on June 9, e. Declared a $0.55 per-share cash dividend on August 10. Pald the $0.55 per-share dividend on September 10 9. Declared and paid a 10% stock dividend on October 15 when the market price of the common stock was $28 per share. h. Declared a $0.60 per-share cash ltividend on November 10 L Paid the $0.60 per-share dividend on December 10. Required: 1. Prepare journal entries for each of these transactions. 2019 a. Mar, 10 Dividends Payable x 040 X Retained Earnings (or Dividends) x 040 X (Record lability for dvidends) Accounts Payablex b. Apr. 10 e4 X Cash 040 (Record payment of dividends) Treasury Stock C May 2 192,000 Cash 193,008 (Record purchase of treasury shares) Previous Next Check My Work 4 mone Check My Work uses remaining Email instructor All work saved Save and Exlt Submit Assignment for Grading 4 888 Cil 10 % 6 7 delete 5 O P U Y K J O 00 e Seareh Calouator (Record purchase of treasury shares) dJune 9 (Record eue of treasury sheres) Dividends Payable x e Aug 10 Cash x Becord abty tor dvidends) Dividends Payable tSept. 10 Comect Cash (Recond payment of dividends) 9 Oct 15 (Recond small stock dvidend h Now 10 (Record labity for dividends) L Dec. 10 (Record payment of dividends) Previous Next Check My Work 4 more Check My Work uses remaining Submit Assignment for Grading mal nstructo Save and Exit All work saved MacBook Pro & delete 7 5 P Y T retu L K G ention A. V N 16