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Foley Corporation has the following capital structure at the beginning of the year. Preferred stock, 4 % , $ 5 0 par value, 6 ,

Foley Corporation has the following capital structure at the beginning of the year.
Preferred stock,4%, $50 par value, 6,000 shares issued and outstanding $300,000
Common stock, $10 par value ,40,000 shares issued and outstnading 400,000
Paid-in -capital in excess of par 110,000
Total paid -in capital 810,000
Required: For the following independent transactins record journal entries on the declaration date only.
a) A total cash dividend of $90,000 was declared on Oct, 31.Record dividend 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 $22 a share.
c) A property dividend was declared on June 30. Foley will give one share of its equity investment in Cook Co for every two shares of Foley Corporation common stock held by shareholders. The book value of the equity investment in Cook is $8.5 per share. Its market price is $11 per share on the date the property dividend is declared.

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