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The articles of incorporation of Wildhorse Airlines Co....

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Accounting

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The articles of incorporation of Wildhorse Airlines Co. authorized 5 million common shares. The company originally issued 4,030,000 common shares. However, over the years the company had repurchased and cancelled 820,000 common shares. The board declared a $0.50 cash dividend on January 1 and July 1 . The date of record for the dividends is the 15 th of the month, and the shares trade exdividend on the 13 th. The dividends are paid on the last day of the month in which they were declared. The board of directors also declared a 5% stock dividend on October 31 , and the market price on the date of declaration was $14.20 per share. The stock dividend was distributed on the date of declaration. Prepare all of the journal entries required to record the above transactions. (Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter ofor the amounts. List oll debit entries before credit entries. Record journal entries in the order presented in the problem.)

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