PROBLEM $20-1$B

Some of the transactions of Pampered Queen Bath Products, Inc., during this fiscal year are

as follows:

Mar. $15$ Paid balance due on previous year$$s federal income tax, $$7,230.$

Apr. $15$ Paid $$83,760$ for the first quarterly installment of estimated federal income tax for

this year.

June $15$ Paid $$83,760$ for the second quarterly installment of estimated federal income tax

for this year.

July $16$ Declared a cash dividend of $$76,800($$$6\mathrm{.}40$ per share on $12,000$ shares of common

stock, $$65$ par$)$ to stockholders of record as of July $31,$ payable on August $10.$

Aug. $10$ Paid the cash dividend.

Sept. $15$ Declared a $10$ percent stock dividend on common stock outstanding to stockholders

of record as of September $30,$ distributable on October $9.$

Current market value of stock: $$99$ per share $(12,000$ shares outstanding before stock divi$-$

dend$).$

Sept. $15$ Paid $$83,760$ for the third quarterly installment of estimated federal income tax for

this year.

Oct. $9$ Issued stock comprising the stock dividend.

Nov. $17$ Declared a cash dividend of $$84,480($$$6\mathrm{.}40$ per share on $13,200$ shares of common

stock$)$ to stockholders of record as of November $30,$ payable on December $9.$

Dec. $9$ Paid the cash dividend.

Dec. $15$ Paid $$83,760$ for the fourth quarterly installment of estimated federal income tax for

this year.

Dec. $31$ The board of directors authorized the appropriation of Retained Earnings for prop$-$

erty expansion, $$53,750.$

Dec. $31$ Recorded $$2,850$ additional federal income tax allocable to taxable income for the

year in an adjusting entry.

Required: Record these transactions in general journal form.