The answer is: <span>Jan. 7. Paid cash dividends of $0.18 per share on the common stock. The dividend had been properly recorded when declared on Nov 30 of the preceding fiscal year for $66,600. </span> <span>Dr Common Dividends Payable 66,000 </span> <span>Cr Cash 66,000 </span>
<span>Feb. 9. Issued 50,000 shares of common stock for $600,000 </span> <span>Dr Cash 600,000 </span> <span>Cr Common Stock 400,000 (50,000 x $8 par value) </span> <span>Cr Additional Paid-In Capital 200,000 </span>
<span>May 21. Sold all of the treasury stock for $300,000 </span> <span>Dr Cash 300,000 </span> <span>Cr Common (Treasury) Stock 240,000 </span> <span>Cr Additional Paid-In Capital 60,000 </span>
<span>July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $13 per share. </span> <span>400,000 - 30,000 + 50,000 + 30,000 = 450,000 shares outstanding </span> <span>Dr Stock Dividends 234,000 (450,000 x 4% x $13 market price) </span> <span>Cr Stock Dividends Distributable 144,000 (450,000 x 4% x 8 par value) </span> <span>Cr Additional Paid-In Capital 90,000 (450,000 x 4% x 5 excess of par value) </span>
<span>Aug. 15. Issued the certificates for the dividend declared on July 1 </span> <span>Dr Stock Dividends Distributable 144,000 </span> <span>Cr Common Stock 144,000 </span>
<span>Sept. 30. Purchased 10,000 shares of treasury stock for $100,000. </span> <span>Dr Common (Treasury) Stock 100,000 </span> <span>Cr Cash 100,000 </span>
<span>Dec 27. Declared a $0.20-per-share dividend on common stock </span> <span>400,000 - 30,000 + 50,000 + 30,000 +18,000 - 10,000 = 458,000 shares now outstanding </span> <span>Dr Cash Dividends 91,600 (458,000 x $0.20) </span> <span>Cr Common Dividends Payable 91,600 </span>
<span>31. Closed the credit balance of the income summary account, $485,000. </span> <span>Dr Income Summary 485,000 </span> <span>Cr Retained Earnings 485,000 </span>
<span>31. Closed the two dividends accounts to Retained Earnings. </span> <span>Dr Retained Earnings 234,000 </span> <span>Cr Stock Dividends 234,000 </span>
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Objective and task budgeting is a method used whereby the marketer decides the objective that will need to be accomplished and the necessary tasks that are required to to achieve such objectives.
This csn consist of the allocation of funds to promotion whereby the company determines its promotion objectives, outlining the tasks to accomplish these objectives, and also determining the promotion cost of performing these tasks.
Corporation often sells shares periodically. The type of corporationsells millionsof shares and must furnish complete information about its earnings, assets, and debts is known as Public Corporation.
The Public corporation is known to usually sells millionsof shares of stock to many stockholders.
This is known to be a type of corporation make its financial information known to the general public and can be called an open corporation.
A publiccorporation is known as a corporation that is often owned and run by a government, set up for the administration of some specific public programs.
