Jan 9. Issued 2,000 ordinary shares to Mr. A in exchange for furniture with market value of 250,000.

Jan 10. The incorporators paid the remaining balance of their subscription on Jan 2 and the corresponding stocks certificates were issued.

Jan 19. ABC corporation acquired 100 shares of its own ordinary shares at 150 per share.

Jan 20. ABC corporation acquired 100 shares of its own ordinary shares at 90 per share.

Jan 21. Mr. A owed ABC corporation amounting to 10,000. He surrendered his certificate for 90 of his ordinary shares.

Jan 22. ABC corporation reissued the 100 shares acquired on Jan 20 @ 155 per share.

Jan 23. ABC corporation reissued the 90 shares acquired on Jan 21 @ 85 per share.

Jan 24. ABC corporation retired and cancelled the 5 shares acquired on Jan 21.

Jan 25. The corporation earned 5,000,000 net income and it is closed to Retained earnings account.

Jan 26. The board of directors declared cash dividend amounting to 1,000,000.

Jan 27. Merchandise costing 50,000 was declared as dividends.

Jan 28. 10% ordinary stock dividend is declared and the market price of ordinary share capital 120 per share.

Jan 29. ABC corporation decided to change the capital structure of ordinary shares from stated value of 100 to 120 par value.

Jan 30. ABC corporation decided to reduce the par value of preference shares from 150 to 145.

Jan 31. ABC corporation appropriated 1,000,000 for plant expansion and 500,000 for future contingency.