During 2000, Doxey Corporation had the following transactions and related events: Jan. 15 Issued 6,500 shares of

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During 2000, Doxey Corporation had the following transactions and related events:

Jan. 15 Issued 6,500 shares of common stock at par (\$16 per share), bringing the total number of shares outstanding to 121,300 .

Feb. 6 Declared a 50 -cent-per-share dividend on common stock for stockholders of record on March 6.

Mar. 6 Date of record.

8 Pedro Garcia, a prominent banker, purchased 20,000 shares of Doxey Corporation common stock from the company for $\$ 346,000$.

Apr. 6 Paid dividends declared on February 6.

June 19 Reacquired 800 shares of common stock as treasury stock at a total cost of $\$ 9,350$.

Sep. 6 Declared dividends of 55 cents per share to be paid to common stockholders of record on October 15, 2000 Oct. 6 The Dow-Jones industrial average plummeted 300 points, and Doxey's stock price fell $\$ 3$ per share.

15 Date of record.

Nov. 6 Paid dividends declared on September 6.

Dec. 15 Declared and paid a 6 percent cash dividend on 18,000 outstanding shares of preferred stock (par value $\$ 32$ ).

Given this information:

1. Prepare the journal entries for these transactions.

2. What is the total amount of dividends paid to common and preferred stockholders during 2000?

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Related Book For  book-img-for-question

Survey Of Accounting

ISBN: 9780538846172

1st Edition

Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen

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