Panza Corporation has 60,000 shares of its $1 par value common stock outstanding. Prepare journal entries to record the following transactions as they relate to the companies common stock;

July 17. Declared a %10 dividend on common stock to be distributed on August 10 to stockholders of record on July 31. Market value of the stock was $5 per share on this date.

july 31 Date of record

August 10 Distrubuted the stock dividen declared on july 17

Sept 1. Declared a $.50 per share cash dividend on common stock to be paid on september 16 to stockholders of record on september 10