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Item 1: On January 1, 2023, Entity L had 115,000 shares of $1 par value common stock issued and outstanding. During the year, the following
Item 1: On January 1, 2023, Entity L had 115,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 82,000 shares of common stock for $738,000
June 1 Declared a cash dividend of $1.75 per share to stockholders of record on June 15
June 30 Paid the $1.75 cash dividend
Dec. 1 Purchased 4,000 shares of common stock for the treasury for $11 per share
Instructions: Prepare journal entries to record the above transactions.
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