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Business, 21.04.2020 20:48 NicolasG

Carlyon Company listed the following items in its December 31, 2015, financial statements: Investment in Man Company bonds$25,000 Dividends payable: preferred4,000 Dividends payable: common40,000 Preferred stock, 8%, $100 par100,000 Common stock, $10 par400,000 Additional paid-in capital on preferred stock20,000 Additional paid-in capital on common stock210,000 Retained earnings270,000 During 2016, the following transactions occurred: Feb.2Paid the semiannual dividends declared on December 15, 2015. Mar.5Declared 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 $25,000) have a current market value of $31,000. Apr.5Paid the property dividend. July6Declared 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.17Paid the cash dividends. Oct.15Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. Dec.3Issued the stock dividend. 28Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2017. Required: Next Level Prepare journal entries to record the preceding transactions.

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