Question
I need Journal entries, T Accounts and Balance Sheet for this information 1- Corp X is authorized to issue 1,000,000 shares of Common Stock Par
I need Journal entries, T Accounts and Balance Sheet for this information
1- Corp X is authorized to issue 1,000,000 shares of Common Stock Par $1 (No Entry since it was just authorized but not issued.)
2- Corporation X issued 500,000 shares of Common Stock Par $1 for $ 8 per share
3- Corporation X issued 1,500,000 shares of Common Stock Par $1 for $10 per share
4- Corporation X reacquired 1,000,000 shares of their Common Stock Par $1 for $ 2
5- Sold 500,000 shares of treasury stock at $8 per share
6- Paid $ 2,000,000 in cash dividends to common stockholders that was declared last month
7- Net income for the year $ 800,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started