Record stock transactions. (LO 1, 2, 3, 4) On the first day of the fiscal year, JKB

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Record stock transactions. (LO 1, 2, 3, 4)

On the first day of the fiscal year, JKB Construction Inc. had 185,000 shares of \(\$ .50\) par common stock issued and outstanding, and the retained earnings balance was \(\$ 165,000\). Show each of the following transactions in the accounting equation.

a. Issued 15,000 additional shares of common stock for \(\$ 16\) per share

b. Distributed a \(20 \%\) stock dividend

c. Issued 10,000 additional shares of common stock for \(\$ 15\) per share

d. Declared a cash dividend on outstanding shares of \(\$ 1.10\) per share

e. Paid the dividend declared in item \(\mathrm{d}\)

f. Purchased 1,000 shares of treasury stock for \(\$ 16\) per share g. Sold 250 shares of treasury stock for \(\$ 18\) per share h. Sold 200 shares of treasury stock for \(\$ 15\) per share i. Declared 2-for-1 stock split

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Financial Accounting

ISBN: 9780131492011

1st Edition

Authors: Jane L. Reimers

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