Question
Cano Corporation engaged in the following transactions during the year: January 1: Issued 15,000 shares of $1 par value common stock at $18 per share.
Cano Corporation engaged in the following transactions during the year:
January 1: Issued 15,000 shares of $1 par value common stock at $18 per share.
June 15: Reacquired 1,000 shares of common stock sold on January 1 for $19 per share.
August 10: Sold 600 shares of treasury stock purchased on June 15 for $20 per share.
September 30: The board of directors declares and distributes a 10% common stock dividend. The current selling price of the common stock is $21 per share.
November 30: The board of directors declares a cash dividend of $0.55 per share payable to stockholders on December 15.
December 15: Paid the cash dividends declared on November 30.
Prepare journal entries for the above transactions and note the number of outstanding shares on December 31
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