Foley Corporation has the following capital structure at the beginning of the year$-$

Preferred stock, $4\%$ $$50$ par value, $9,000$ shares issued and outstanding$-$ $$450,000$

Common stock, $$10$ par value, $60,000$ shares issued and outstanding$-$ $$600,000$

Paid in capital in excess of par$-$ $$165,000$

Total paid in capital$-$ $$1,215,000$

Required: for the following indepedent transaction, record journal entries on the declaration date only.

a$)$ a total cash dividend of $$135,000$ was declared on Oct. $31.$ Record dividends payable on common and preferred stock in separate accounts. Preferred stocks are noncumulative.

b$)$ A $15\%$ common stock dividend was declared on Nov. $30.$ The average fair value of the common stock is $$20$ a share.

c$)$ A property dividend was declared on June $30.$ Foley will give you on share of its equity investment in Cook Co$.$ for every two share of Foley Corporation common stock held by shareholders. The book value of the equity investment in Cook is $$8$ per share. Its market price is $$11\mathrm{.}5$ per share on the date the preoperty dividend is declared.