PB7.

LO 14.3Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and none of the preferred shares. Tent & Tarp has the following transactions:

Mar. 1	Declares a cash dividend of $5 per share
Mar. 30	Pays the cash dividend
Jul. 10	Declares a property dividend of one 6-person camping tent per share of stock when the price per tent is $150.

Journalize these transactions.