Ch11 Stockholders' Equity Journal Entry Problem On January 1, 2021, Chiggs Corporation had 70,000 shares of $1 par value common stock issued and outstanding Existing shares of common stock were issued at par value. During the year, the following transactions occurred: Oct. 1 Issued 40,000 shares of common stock for $520,000. Nov. 1 Declared a cash dividend of $5.00 per share to stockholders of record on Nov. 15. Nov. 30 Paid the $5.00 cash dividend. Dec. 1 Purchased 12,000 shares of common stock for the treasury for $30 per share. Dec. 15 Declared a cash dividend on outstanding shares of $5.50 per share to stockholders of record on December 31.1 1-Prepare journal entries to record the above transact Date Account Name Debit Credt tips for completing the Oct. 1 journal entre Oct. 1 Issand 40,000 shares of common stock for 5520,000. The 1: Compute the total par value for the common stock issued by taking the $1 par value p share (see the aber Instruct times the number of shares issued at Oct 1. Tip 2: Compute the total paid i total par value for the come capital for the common stock sold at Oct 1 by subtracting the stock issued from the cash received Deb Creft Tips for completing the Nov. Limenal entry Account Name Nov. 1 Declared a cash dividend of $5.00 per share to stockholders of record on Nov. 15. e1: Compute the total outs anding common stock by adding the shares at Jan. 1 to the the number of shares issued at Oct 1 2 Compute the total cash dividend amount by taking the total outstanding common sto Account Name Nov. 30 Paid the $5.00 cash dividend. Account Name Dec. 1 Debit Credit Debit Credit Purchased 12,000 shares of common stock for treasury for $30 per share. Account Name Dec. 15 Debit Credit Tip for completing the Dec. 15 journal entry Tip: Make sure to deduct the number of shares repurchased to update the total oustanding common stock on Dec. 1 before computing the total cash dividend amount. Declared a cash dividend on outstanding shares of $5.50 per share to stockholders of record on December 31. Compute the total value and the total shares for Outstanding stock as of December 31, Total number of Common stock Paid-in-capital in excess of par value Less: Treasury stock Outstanding stock as of Dec 31,2021 Total dollar value 12/31/21 shares 12/31/21