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Question 1 Arabian Gulf Corporation reports the following stockholders oquity section on December 31, 2020 Common stock; $10 par value; 500,000 shares authorized; 200,000 shares issued and outstanding. -Paid in capital in excess of par value, common stock -Retained earnings.... $2,000,000 400,000 900,000 $3,300,000 Total The Corporation completed the following transactions in 2021. 1- Jan 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan 31 stockholders of record 2 Mar 01, Purchased 10,000 shares of its own common for $15 por share. 3 Mar 15, Paid the cash dividond declared on Jan. 10. 4. May 01, Sold 6,000 of its treasury shares at $15 cash per share 5- Sep 30, Directors declared a 30% stock dividend when the share market price is $16. 6- Nov 01, Distributed stock dividends declared on Sep. 30. 7 Nov 15, The company implemented 5-for-1 stock split for the common stock Required: Prepare journal entries to record each of these transactions for 2021. CLEARLY INDICATE THE DEBITS & CREDITS Example: XYZ Company pays $10,000 cash to purchase land Answer Dr. Land 10,000 Cr. Cash 10,000 For the toolbar. press ALT+F10 (PC) or ALT+FN+F10 (Mac)