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ABC Inc. is authorized to issue 500,000 of common stock with $1 per share. ABC Inc. issued 80,000 shares of common stock for cash at

ABC Inc. is authorized to issue 500,000 of common stock with $1 per share. ABC Inc. issued 80,000 shares of common stock for cash at $5 per share to Juan Perez.

Instructions:

a) Identify who is the seller and buyer.

b) Prepare the journal entries for the issuance of the stock from ABC Inc. and from Juan Perez.

c) Suppose that ABC Inc. pays $5 per share of dividends. Record the journal entries for ABC Inc. and Juan Perez.

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