Entries for Stock Dividends

Madrid Corporation has 26,000 shares of $30 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $36 per share on June 8.

Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.

Jun. 8
Jul. 13
Aug. 12

Entries for Treasury Stock

On May 27, Kick Off Inc. reacquired 6,900 shares of its common stock at $54 per share. On August 3, Kick Off sold 3,000 of the reacquired shares at $57 per share. November 14, Kick Off sold the remaining shares at $53 per share.

Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank.

May 27
Aug. 3
Nov. 14