Question
Can someone help me with this please ? Prepare the necessary journal entries for the following transactions of a corporation (be sure to show your
Can someone help me with this please ?
Prepare the necessary journal entries for the following transactions of a corporation (be sure to show your supporting calculations):
1. On September 30, the company declared a $0.40 per share cash dividend on 300,000 shares of preferred stock outstanding. The dividends were paid on October 15.
2. On July 15, the company declared an 8% stock dividend on 800,000 shares of $5 par value common stock outstanding. Market price per common share on this date was $25. The dividends were distributed on August 15.
3. On April 15, the company declared and distributed a 35% stock dividend on 700,000 common shares of $1 par value common stock outstanding. Market price per common share on this date was $20. The dividends were distributed on May 15.
4. On March 1, the company purchased 10,000 shares of treasury stock for $18 per share. There were no other treasury stock transactions prior to this purchase
5. On May 5, the company sold 4,000 shares of the treasury stock for $16 per share.
6. On October 12, the company sold 2,000 shares of treasury stock for $19 per share.
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