Problem 5

Huskie Products had the following (sequential) equity transactions during 2013. Journalize the transactions. For the dividend transactions indicate which class of stock received the dividend.

1. Sold (issued) 11,000 share of common stock, $1 par, for $31 per share

2. Sold 1,000 shares of $100 par, preferred stock for $110,000. The annual dividend rate is $11 per share.

3. Purchased 1,000 share of common stock for the treasury for $28 per share.

4. Declared a full year of dividends on preferred stock.

5. Paid dividends on preferred stock.

6. Declared a .40 (40 cent) dividend on common stock.