The Norman Corporation’s stockholders’ equity accounts have the following balances as of January 1, 2016:Common stock, $10 par (60,000 shares issued and outstanding 600,000Additional paid-in capital: common 1,500,000Retained earnings 1,200,000Total stockholders’ equity $3,300,000Norman engaged in the following dividend transactions during 2016:March 1: Declared a 50% stock dividend on the common stock, distribute on April 10. The market price per share for the common stock was $35 on March 1.April 10: Distributed the stock dividend declared on March 1.June 30: Declared a 10 % stock dividend on the common stock, distributable on August 5. The market price for the common stock was $38 per share on June 30.August 5: Distributed the stock dividend declared on June 30.December 1: A $.60 per share cash dividend was declared on the common stock, payable on January 20, 2017.Required: Prepare the entries to record the dividend transactions for 2016.
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