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Here is the problem: Following are selected transactions of Black Corporation: The board of directors authorized the appropriation of $200,000 of retained 12-31-2018 earnings to

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Here is the problem: 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 02-10-2021 Construction 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. 04-02-2021 A 10% stock dividend on the 90,000 shares of $100 par value common stock 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

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