Question
Houghton Company began business on January 1, 2015 by issuing all of its 1,550,000 authorized shares of its $1 par value common stock for $30
Houghton Company began business on January 1, 2015 by issuing all of its 1,550,000 authorized shares of its $1 par value common stock for $30 per share. On June 30, Houghton declared a cash dividend of $1.25 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 310,000 of its own shares of stock for $35 per share. On December 22, Houghton resold 155,000 of these shares for $41 per share. |
Required:
a. | Prepare all of the necessary journal entries to record the events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) | |||||||||||||||||||||||||
1. Record the issue of 1,550,000 authorized shares of $1 par value for $30 per share. 2. Record the declaration of the cash dividends of $1.25 per share. 3. Record the payment of the cash dividends of $1.25 per share. 4. Record the repurchase of 310,000 shares for $35 per share. 5. Record the reissue of 155,000 share for 41 per share.
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