On January 1, Guillen Corporation had 91,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 21,000 additional shares of common stock for $17 per share.
June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10 Paid the $1 cash dividend.
Dec. 1 Issued 2,500 additional shares of common stock for $18 per share.
15 Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31.

Required:
Prepare the entries to record these transactions.

Apr. 1

Debit : Cash $357,000

Credit : Common Stock $357,000

June 15

Debit : Dividends [(19,000 + 21,000) x $ 1]   $40,000

Credit : Dividends for Shareholders $40,000

July 10

Debit : Dividends for Shareholders $40,000

Credit : Cash $40,000

Dec. 1

Debit : Cash $45,000

Credit : Common Stock $45,000

Dec 15

Debit : Dividends [(19,000 + 21,000 + 2,500) x $ 2.30]   $42,500

Credit : Dividends for Shareholders $42,500

Explanation:

It is important to note that the Common Stock are No Par Value. This means they have no Paid in excess Reserve. So any Stocks issued is accounted at the amount Paid up.

Dividends are declared on Number of Stocks outstanding at declaration Date.