Dorectionare:

PREPARE THE JOURNAL ENTRIES TO RECORD THE ABOVE TRANSACTIONS

please let me know if this is done correctly.

#1 Following are selected transactions of Black Corporation: The board of directors authorized the appropriation of $200,000 of retained 12-31-2018 earnings to provide for the future acquisition of a new plant site and the construction of a new building. 01-02-2019 Purchased a plot of land for the new plant site for cash, $400,000. 4-27-2019 Entered into a contract with Fryer Construction Company for construction of a new building, payment to be made when the building is completed in 2021. The board of directors authorized the appropriation of another $200,000 of 12-31-2019 retained earnings to provide for the future acquisition of a new plant site and the construction of a new building. The board of directors authorized the appropriation of another $200,000 of 12-31-2020 retained earnings to provide for the future acquisition of a new plant site and the construction of a new building. Following the final inspection and approval of the new building, Fryer Construction 02-10-2021 Company was paid in full, $900,000. The board of directors authorized release of the retained earnings appropriated 03-10-2021 for the plant site and building, A 10% stock dividend on the 90,000 shares of $100 par value common stock 04-02-2021 outstanding was declared. The market price of the stock on this date was $106 per share. Required: Prepare the journal entries to record the above transactions. Black Corporation General Journal Date Accounts Debit Credit 31/12/18 $200,000 Retained Earnings Appropraite retained earning $200,000 1/2/2019 $400,000 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Land Cash $400,000 4/27/2019 No Entry $200,000 12/31/2020 Retained Earning Appropriate Retained Earning $200,000 B D T G H 02/10/21 Building Fryer Construction $900,000 $900,000 2/10/2021 $900,000 Fryer Construction Cash $900,000 3/10/2021 $600,000 Appropriate Retained Earnings Retained Earnings $600,000 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 4/2/2021 $900,000 Dividend Dividend Payable $900,000 Sheet1