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Problem 10-85A (Algorithmic) Common Dividends Papke Payroll Service began 2019 with 1,000,000 authorized and 208,000 issued and outstanding $10 par common shares. During 2019, Papke entered into the following transactions: a. Declared a $0.40 per-share cash dividend on March 10. b. Pald the $0.40 per-share dividend on April 10. c. Repurchased 8,000 common shares at a cost of $24 each on May 2. d. Sold 3,000 unissued common shares for $26 per share on June 9. e. Declared a $0.55 per-share cash dividend on August 10, 1. Paid the $0.55 per-share dividend on September 10. 9. Declared and paid a 10% stock dividend on October 15 when the market price of the common stock was $28 per share. h. Declared a $0.60 per-share cash dividend on November 10. 1. Paid the $0.60 per-share dividend on December 10. Required: 1.2007 83.2007 1. Prepare journal entries for each of these transactions. 2019 a. Mar. 10 Retained Earnings (or Dividende) Dividends Payable (Record Hability for dividends) b. Apr. 10 Dividends Payable Cash (Record payment of dividends) 83,200 83.200 c. May 2 Treasury Stock 192.000 Cash 199,000 (Record purchase of treasury shares) sandine data in server (Record purchase of treasury shares) d. June 9 Cash 78,000 Common Stock 72,000 X Additional Paid-In Capital-Common Stock 6,000 x (Record reissue of treasury shares) e. Aug. 10 Retained Earnings (or Dividends) 111,650 114,400 x Dividends Payable (Record liability for dividends) f. Sept. 10 Dividends Payable 111,650 Cash 114,400 x (Record payment of dividends) g. Oct. 15 Retained Earnings 583,400 x Common Stock 208,000 x Additional Paid-In Capital-Common Stock 374,400 x (Record small stock dividend) h. Nov. 10 124,800 x Retained Earnings (or Dividends) Dividends Payable 121,800 x (Record liability for dividends) h. Nov. 10 124,800 x 121,800 x Retained Earnings (or Dividends) Dividends Payable (Record liability for dividends) Dividends Payable Cash (Record payment of dividends) 1. Dec. 10 124,800 x 121,800 x Feedback Check My Wors 2. Determine the total dollar amount of dividends (cash and stock) for the year. 3. Conceptual Connection: Determine the effect on total assets and total stockholders' equity of the dividend transactions. Note the following: 1. If applicable, select the dividend transaction effect (e.g. "Affects assets", "Affects stockholders' equity", "No effect" or "Not a dividend transaction"). 2. Enter decreases in assets or equity as negative numbers. 3. If a cell does not require an answer, leave it blank. Transaction Effect on Assets Effect on Stockholders' Equity a Affects stockholders' equity Affects assets sending de 3. Conceptual Connection: Determine the effect on total assets and total stockholders' equity of the dividend transactions. Note the following: 1. If applicable, select the dividend transaction effect (e.g. "Affects assets", "Affects stockholders' equity", "No effect" or "Not a dividend transaction"). 2. Enter decreases in assets or equity as negative numbers. 3. If a cell does not require an answer, leave it blank. Transaction Effect on Assets Effect on Stockholders' Equity Affects stockholders' equity a. b. 0 Affects assets No effect x. C. $ 0 d. No effect x e. Affects stockholders' equity v $ 002.-01-... ! 2010 0 f. Affects stockholders' equity X No effect 9. 0 h. Affects stockholders' equity $ 0 1. Affects assets Total effect sendinad

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