Mercer Corporation Has 200,000 Shares of $10 Stated Value No-Par

Essay

Mercer Corporation has 200,000 shares of $10 stated value no-par common stock authorized,and 160,000 shares were outstanding during 2009.The following transactions relate to cash dividends of Mercer Corporation for the year ended December 31,2009.Prepare entries in journal form without explanations to record the following transactions:
$\begin{array}{l}\text { June } 1 \text { Declared a semiannual cash dividend of } \$ 0.50 \text { per common share. } \\\text { July } 15 \text { Compiled the list of individual shareholders eligible for the dividend declared } \\\text { on June 1. } \\\text { Dec. } 1 \text { Declared a semiannual cash dividend of } \$ 0.50 \text { per common share to be paid on } \\\text { January 5, 2010. } \\\text { Compiled the list of individual shareholders eligible for the dividend declared } \\31 \text { Closed the Dividends account at year end. }\end{array}$