Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred.

Apr. 1	Issued 8,000 additional shares of common stock for $11 per share.
June 15	Declared a cash dividend of $1.50 per share to stockholders of record on June 30.
July 10	Paid the $1.50 cash dividend.
Dec. 1	Issued 4,000 additional shares of common stock for $12 per share.
15	Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31.

Instructions

(a) Prepare the entries for the above transactions.

(b) How are dividends and dividends payable reported in the financial statements prepared at December 31?