Question - Prepare the journal entries.
1. Micro Machines Inc. declared a cash dividend of $1.50 per share on its 2 million outstanding shares. The dividend was declared on August 1, and is payable on September 9.
2. Jack Inc. owns shares of Jill Corporation stock. The book value of the Jill shares is $875,000. The market value of the shares is $1,400,000. On September 21, Jack declared a property dividend whereby the Jill shares are to be distributed on October 23.
3. Carradine Corporation has outstanding 200,000 shares of $10 par value common stock. The corporation declares and distributes a 5% stock dividend when the fair value of the stock is $65 per share.
4. Carradine Corporation has outstanding 200,000 shares of $10 par value common stock. The corporation declares and distributes a 100% stock dividend.