Problem $4$

Jansen Corporation has the following capital structure at the beginning of the year:

Required:

Record the following transactions which occurred consecutively.

$($a$)$ A total cash dividend of $$90,000$ was declared and payable to stockholders of record. Record

dividends payable on common and preferred stock in separate accounts.

$($b$)$ A $15\%$ common stock dividend was declared $($but not paid$).$ The average fair value of the

common stock is $$30$ per share.