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Question 5 Partially correct Mark 20.00 out of 42.00 Remove flag Edit question Analyzing and Identifying Financial Statement Effects of Dividends Chaney Company has outstanding 40,000 shares of $10 par value common stock. It also has $405,000 of retained earnings. Near the current year-end, the company declares and pays a cash dividend of $2.50 per share and declares and issues a 7% stock dividend. The market price of the stock at the declaration date is $50 per share. a. Using the financial statement effects template, illustrate the effects of these two separate dividends. Use negative signs with answers when appropriate. When applicable, enter total amount for contributed capital. Balance Sheet Income Statement Noncash Contrib. Earned Transaction Cash Asset Asset Liabilities Capital Capital -Equity Revenues Expenses Declared and paid cash dividend (140,000) x + 0 = 0+ 0 + (140,000) X 0 0 = Declared and issued stock dividend (28,000) X + * 0 X + (28,000) * - 0 - Contra + + 0 OE 0 0 0 b. Prepare the journal entries for these two separate dividend transactions. General Journal Description Debit Credit Retained earnings 140,000 x Common stock 0 28,000 x To record cash dividend Additional paid in capital X 0 X 112,000 X Common stock 28,000 x 0X Cash x 0 28,000 * To record stock dividend c. Post the journal entries from b to the related T-accounts. Cash 140,000 x Common Stock 28,000 x Additional Paid in Capital 112,000 OX 0x Retained Earnings 405,000 X (237,000) * (168,000) X 0