Question
Keaubie Co., Inc. issued 10,000 shares of its $4 par value preferred stock for $12 per share. Journalize. 2. On July 1 Madison, Inc. declared
- Keaubie Co., Inc. issued 10,000 shares of its $4 par value preferred stock for $12 per share. Journalize.
2. On July 1 Madison, Inc. declared $175,000 for cash dividends. Journalize the July 1 declaration and the July 31 payment.
3. On February 1, Lucy Company purchased 10,000 shares of its own stock for $6 per share. On March 15, Lucy sold 1000 shares of its treasury stock for $4 per share. Journalize the purchase of the treasury stock and the sale of the treasury stock. ***The PIC Treasury stock has a $2,000 credit balance.
4. On March 1, Lucy Co. declared a 9% stock dividend on its 150,000 outstanding shares of $3 par value stock. The fair market value of the stock is $14 (stock is currently selling for $14 per share). On March 31, Lucy Company issued the shares of common stock. Journalize the declaration and the issue of the dividend.
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