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For this assignment, provide the general journal entries to record the necessary information based on each scenario below. You may use a word processing or electronic spreadsheet program to record your answers.In addition, use the following account titles for the transactions: Retained earnings, Dividends payable, Cash, Bonds payable, Interest expense, Interest payable, Paid-in capital, Common Stock, and Preferred Stock.Scenario 1: On September 15, 2010, the board of directors of Federated Corporation declared a cash dividend of $1 per share on its 800,000 outstanding shares of common stock. The dividend is payable on October 12 to the stockholders of record on September 30. Give the journal entries necessary on September 15, September 30, and October 12, 2010. Scenario 2: North Lake Corporation had 200,000 shares of $10 par value common stock outstanding, on December 1, 2010. The directors voted to split the stock on a 2-for-1 basis, issuing two new shares to stockholders for every one share presently owned. The estimated market value of the new shares will be $14.50. Scenario 3: Crockett Corporation issued $200,000 of its 10 percent bonds payable on April 1, 2030. The bonds were issued at face value. Interest is payable semi-annually, on October 1 and April 1. Give the journal entries to issue the bonds and pay each of the first two interest payments to bondholders. Scenario 4: Beasley Corporation issued 1,000 shares of its $10 par value common stock for cash at $11 per share. Scenario 5: Young Corporation issued 2,000 shares of $25 par value common stock and 300 shares of 13%, $50 par value preferred stock for cash at par value.

Journal Entries1. September 15, 2010 Dr. Cr. Retained Earnings Dividend Payable 800000800000 ( on being cash dividend declared @ $1 per outstandingshare of 8lacs)September 30October 12 No…

 
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