Carlyon Company listed the following items in its December 31, 2018, financial statements: Investment in Man Company bonds $21,000 Dividends payable: preferred 4,000 Dividends payable: common 40,000 Preferred stock, 8%, $100 par 100,000 Common stock, $10 par 400,000 Additional paid-in capital on preferred stock 20,000 Additional paid-in capital on common stock 210,000 Retained earnings 270,000 During 2019, the following transactions occurred: Feb. 2 Paid the semiannual
Carlyon Company listed the following items in its December 31, 2018, financial statements:
Investment in Man Company bonds
$21,000
Dividends payable: preferred
4,000
Dividends payable: common
40,000
Preferred stock, 8%, $100 par
100,000
Common stock, $10 par
400,000
Additional paid-in capital on preferred stock
20,000
Additional paid-in capital on common stock
210,000
Retained earnings
270,000
During 2019, the following transactions occurred:
Feb.
2
Paid the semiannual dividends declared on December 15, 2018.
Mar.
5
Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. The bonds (which have a book value of $21,000) have a current market value of $30,000.
Apr.
5
Paid the property dividend.
July
6
Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17.
Aug.
17
Paid the cash dividends.
Oct.
15
Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share.
Dec.
3
Issued the stock dividend.
28
Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2020.
Required:
Next Level Prepare journal entries to record the preceding transactions.
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