Following are selected transactions of White Corporation:
Dec. 31 The board of directors authorized the appropriation of USD 50,000 of retained earnings to provide for the future acquisition of a new plant site and the construction of a new building. (On the last day of the next six years, the same action was taken. You need not make entries for these six years.)
Jan. 2 Purchased a new plant site for cash, USD 100,000. Mar. 29 Entered into a contract for construction of a new building, payment to be made within 30 days following completion.
Feb. 10 Following final inspection and approval of the new building, Dyer
Construction Company was paid in full, USD 500,000.
Mar. 10 The board of directors authorized release of the retained earnings appropriated for the plant site and building.
Apr. 2 A 5 percent stock dividend on the 100,000 shares of USD 50 par value common stock outstanding was declared. The market price on this date was USD 55 per share. Prepare journal entries for all of these transactions.