Garber Corporation had 40,000 shares of $10 par common stock outstanding on January 1, 2016. On June 1, 2016 Garber purchased 5,000 shares of its own stock on the open market for $22 per share and held it as treasury stock. On October 1, 2016 Garber declared and issued a 10% stock dividend. The market value of Garber’s stock was $24 per share on October 1. Garber’s board of directors declared and paid a cash dividend of $57,750 on December 15, 2016.
a) Prepare the journal entry for the treasury stock purchase.
b) Prepare the journal entry for the stock dividend.
c) Prepare the journal entry for the cash dividend.
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