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Solution: February 15, 2021 Dr. Retained earnings $ 120, coo Cr. Dividends Payable $ 120, 000 ( 120,000 shares * $ 1:00 ) March 01, 2021 Dr. Cash $ 50, 600 Cr. Common Stock $ 25, 000 cr. Paid in capital 25, 000 To record issuance of common chares Computations : Par value = $400, 000 / 120,000 shares = $5.00 / share Common Stock : 5, 060 sh x $5 $ 25,000 Paid in Capital : 5, Cco sh x ($10 - $5 ) $ 25, 000March 31, 2021 : Dr. Dividends Pay able $ 120, 000 Cr. Cash $ 120.COO To record payment of dividends. July 10, 2021 : Pr. Treasury shares $ 20,000 Cr. Cash $ 20, COO To record sale of treasury stock. Computations : Treacury shares = 2.000 shares x $ 10 $ 20, COU October 25, 2021: Dr. Retained earnings $ 183,000 Cr. Dividends Payable $ 183, 000 To record declaration OF stock dividends. Computations : Issued shares, 12/30 / 2020 120,000 shares Purchase , 03/01 / 2021 5, 000 shares Treasury shares (2,000 ) shares CAb Issued and ourstanding 122,000 shares * Par value $ 5.00 total $ 410, 000 X 30 % Total stock Dividend $ 183, 000December 1, 2021 : Dr. Dividend Payable $ 183, coo Cr. Common Stock $ 183,000 to record distribution OF stock dividend. NOTE: Since the stock dividend issued is a large share dividend (7 20%%) dividends is measured at PAR VALUE , therefore no excess in in par is recorded. December 15, QC 21 > No journal entry is necessary, only memo is usually done: The company is authorized to implement 3 For 2 stock split for its common stock " December 31, 2021 Dr. Income Summary $ 100, 000 cr. Retained earnings $ 100, 000 To close income summary account