P21-9A CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions. P21-11B CORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments of $25,000 each on April 15, June 15, September 15, and December 15. 1. Prepare the journal entry for April 15. 2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Regis?s actual income tax amounts to $112,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed

AC 216 GRADING RUBRIC WEEK 3 Total Points Available Student Score P 21-9A 10 7 Entries @ 1.43 each P 21-11B (1&2) 15 9 Entries @ 1.11 each / 2 T-Accounts @ 2.5 each P 21-11B (3) 5 1 Schedule @5 points Quickbooks 10 6 reports @ 1.66 each Points 40.0 Total points earned will be added and then rounded to the nearest 1/10th point. 0.0 Exercise 21-9A Name: GENERAL JOURNAL Date Account 20-April Cash Dividends Preferred Dividends Payable Common Dividends Payable May Preferred Dividends Payable Common Dividends Payable Cash Oct Cash Preferred Dividends Payable Common Dividends Payable Nov Preferred Dividends Payable Common Dividends Payable Cash Nov. Stock Dividend Stock Dividends Distributable Common Stock Dec. Stock Dividends Distributable Common Stock Memo Entry: Debit Credit Problem 21-11B Name: 1. GENERAL JOURNAL Date 20-Mar. Account April June Oct. Nov. Dec. 2. Retained Earnings - Appropriated for Land Acquisition Bal. Bal. Retained Earnings - Unappropriated Bal. Bal. 3. Statement paper for requirement 3 is provided in a separate worksheet (tab). Debit Credit Problem 21-11B Name: 3. Nguyen Company Retained Earnings Statement For Year Ended December 31, 20-Appropriated: Appropriated for land acquisition, Jan. 1 Current year appropriation (see below) Retained earnings appropriated, Dec. 31 Unappropriated: Balance, January 1 Add net income for year Less: Cash dividends Less: Stock dividends Transfer to appropriated for land acquisition Retained earnings unappropriated, Dec. 31 Total retained earnings, Dec. 31