Question
Dan in Real Life began operations on 1/1/19. That day, the company issued 50,000 shares of $5 par value common stock to the public for
Dan in Real Life began operations on 1/1/19. That day, the company issued 50,000 shares of $5 par value common stock to the public for a price of $40 per share. On 2/14/20, for the first time, the company repurchases 1,000 shares of common stock for a price of $42 per share.
Required (1): On 6/15/20, the company reissues 200 shares of treasury stock to the public for a price of $45 per share. Record the journal entry for the reissuance of shares.
Remember to include financial statement effects in parentheses. All journal entry lines may not be necessary.
Date | Account | Debit | Credit |
---|---|---|---|
6/15/20 |
|
|
|
|
|
| |
|
|
| |
|
|
|
Question 2
Required (2): On 9/23/20, the company reissues an additional 500 shares of treasury stock to the public for a price of $40 per share. Record the journal entry for this reissuance of shares.
Remember to include financial statement effects in parentheses. All journal entry lines may not be necessary.
Date | Account | Debit | Credit |
---|---|---|---|
9/23/20 |
|
|
|
|
|
| |
|
|
| |
|
|
|
Question 3
Required (3): As of 12/20/20, the company has 49,700 shares outstanding that are trading for $50 per share. That same day, the company declares a 100% stock dividend on the $5 par value stock. Record the journal entry for the stock dividend.
Remember to include financial statement effects in parentheses. All journal entry lines may not be necessary.
Date | Account | Debit | Credit |
---|---|---|---|
12/20/20 |
|
|
|
|
|
| |
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started