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here are all the choices you can pick for 1-6 Tony and Suzie purchased land costing $500,000 for a new camp in January 2020. Now
here are all the choices you can pick for 1-6
Tony and Suzie purchased land costing $500,000 for a new camp in January 2020. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow another million dollars, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has two classes of stock authorized: 9%, $10 par preferred and $1 par value common. When the company began on July 1, 2018, Tony and Suzie each purchased 12,500 shares of $1 par value common stock at $1 per share. The following transactions affect stockholders equity during 2020, its third year of operations July 2 Issue an additional 120,000 shares of common stock for $14 per share. September 10 Repurchase 12,000 shares of its own common stock (i.e., treasury stock) for $17 per share. November 15 Reissue 6,000 shares of treasury stock at $18 per share. December 1 Declare a cash dividend on its common stock of $139,000 ($1 per share) to all stockholders of record on December 15 December 31 Pay the cash dividend declared on December 1. Repurchase 12,000 shares of its own common stock (i.e., treasury stock) for $17 per share Note: Enter debits before credits Date General Journal Debit Credit September 10, 2020 Reissue 6,000 shares of treasury stock at $18 per share. Note: Enter debits before credits Debit Credit Date General Journal November 15, 2020 Declare a cash dividend on its common stock of $139,000 ($1 per share) to all stockholders of record on December 15 Note: Enter debits before credits Date General Journal Debit Credit December 01, 2020 Record the entry on the date of record Note: Enter debits before credits. Date General Journal Debit Credit December 15, 2020 Pay the cash dividend declared on Dec. 1 Note: Enter debits before credits General Journal Debit Credit Date December 31, 2020 No jourfial entry required Accounts payable Accounts receivable Additional paid-in capital Advertising expense Bonds payable dition share ts befc Deb Cash Common stock Delivery expense Dividends Dividends payable Entertainment expense Gain n Interest receivable Interest revenue Loss Notes payable Notes receivable fo Preferred stock Rent expense Repairs and maintenance expense Retained earnings Salaries expense Sales revenue Service fee expense Service revenue Stock dividends Supplies Supplies expense Treasurv stock Stock dividends Supplies Supplies expense Treasury stock Utilities expenseStep by Step Solution
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