On January 1 Weiss Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred:
Apr. 1 Issued 10,000 additional shares of common stock for $10 per share.
June 15 Declared a cash dividend of $1.00 per share to stockholders of record on June 30.
July 10 Paid the $1.00 cash dividend.
Dec. 1 Issued 4,000 additional shares of common stock for $12 per share.
Dec 15 Declared a cash dividend on outstanding shares of $1.00 per share to stockholders of record on December 31.
Required:
a. Prepare the entries, if any, on each of the three dates that involved dividends.
b. How are dividends and dividends payable reported in the financial statements prepared at December 31?
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