II. On December 1, 2017, the directors of Fax, Inc. declare a $1.75 per share cash dividend on 275,000 shares of $10 par value common stock. The dividend is payable on January 25, 2016 to shareholders of record on December 22, 2015. Prepare the journal entries for the following dates:

December 1, 2017 (Declaration date)

December 22, 2017 (Date of record)

January 25, 2018 (Payment Date)

III. James Corporation declares a 12% stock dividend on its 85,000 shares of $7 par value common stock. The current fair market value of its stock is $15 per share.

Record the entry on the declaration date:

Record the journal entry when James Corporation issues the dividend shares: