Current Attempt in Progress Your Answer Correct Answer Your answer is partially correct. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Journalize the transactions for Patrick Corporation (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 : Cash 4900000 Common Stock Dividends Distributable 00000 Jan. 15 Sept. 5 Issued 700,000 shares of stock at $7 per share. Purchased 20,000 shares of common stock for the treasury at $8 per share. Declared a $0,50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Dec. 6 Journalize the transactions for Patrick Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 : Cash 4900000 Common Stock Dividends Distributable 700000 Common Stock 4200000 Sept. 5 : Treasury Stock 1600000 Cash 1600000 Dec. 6 0 Retained Earnings 3400000 Dividends Payable 3400000