Problem: Corporations

Facc T Limited was a corporation that made hair growth stimulants. The company had 425,000 shares of common stock authorized; 350,000 shares issued;75,000 shares unissued;250,000 shares outstanding; and 100,000 shares of treasury stock. Par value was $10 per share. In the Month of February 2020, the company had the following transactions regarding their stock:

-February 1: Cash dividends pf $.50 per share were declared.

-February 5: A 10% stock dividend was declared. Fair market price of the stock was $15 per share.

-February 10. Recipients of the cash dividends and stock dividends were determined.

-February 15. Cash dividends were paid.

-February 20. The stock dividend was given out.

-December 31. All accounts were closed out (year-end)

Required: Record the transactions listed above.