Foley Corporation has the following capital structure at the beginning of the year:

Preferred stock, $4\%,$$$50$ par value, $8,000$ shares issued and outstanding $$400,000$ Common stock, $$10$ par value, $60,000$ shares issued and outstanding $,600,000$ Paid$-$in capital in excess of par

Total paid$-$in capital

$\frac{160,000}{1,160,000}$

Required: for the following independent transactions, record journal entries on the declaration date only.

a$.$ A total cash dividend of $$98,000$ 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 one 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 $$8$ per share. Its market price is $$10$ per share on the date the property dividend is declared.