Problem -
Following are selected transactions of White Corporation:
2004
Dec. 31 The board of directors authorized the appropriation of $50,000 of retained earnings to provide for the future acquisition of a new plant site and the construction of a new building. (On the last day of each of the next six years, the same action was taken. You need not make entries for these six years)
2009
Jan. 2 Purchased a new plant site for cash, $100,000.
Mar. 29 Entered into a contract for construction of a new building, payment to be made within 30 days following completion
2011
Feb. 10 Following final inspection and approval of the new building, Dyer Construction Company was paid in full, $500,000.
Mar. 10 The board of directors authorized release of the retained earnings appropriated for the plant site of the building.
Apr. 2 A 5% stock dividend on the 100,000 shares of $50 par value common stock outstanding was declared. The market price on this date was $55 per share.
Prepare journal entries for all of these transactions.