On January 1, 2013, Micro Machines Corporation had 700,000 shares of $3 par value common stock issued and outstanding. During the year, the following transactions occurred:
June 1 Declared a cash dividend of $1.75 per share to stockholders of record on June 15.
June 30 Paid the cash dividend.
July 1 Announced a 2-for-1 stock split to be distributed on August 1.
Oct. 1 Declared a cash dividend of $0.60 per share.
INSTRUCTIONS
Prepare journal entries if necessary to record the above transactions.