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Handout 12-1: Strait Corp. Strait Corp. sold 10,000 shares of $1 par value stock for $1 per share. Record issuance of the stock on May

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Handout 12-1: Strait Corp. Strait Corp. sold 10,000 shares of $1 par value stock for $1 per share. Record issuance of the stock on May 1, 2012 May 1 On December 1, 2012, Strait Corp. sold 1,000 shares of $1 par value stock for $25 per share. Record issuance of the stock on Dec 1, 2012. Dec. 1 Handout 12-2: Jones Corp. Jones Corp. has 200,000 shares of stock authorized, 120,000 shares issued, and 100,000 shares outstanding. On August 1, 2012, Jones' Board of Directors declared a cash dividend of $0.50 per share, with a date of record of September 1, 2012. The dividend will be paid on October 1, 2012. Record the journal entry to declare the dividend. Aug. 1 Record the journal entry on the date of record. Sep. 1 Record the journal entry to pay the dividend. Oct. 1

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