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Kris' Kreations was organized on Jan 1, 2014 and is authorized to issue 1, 500,000 shares of common stock with a $10 par value. During

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Kris' Kreations was organized on Jan 1, 2014 and is authorized to issue 1, 500,000 shares of common stock with a $10 par value. During the 2014 year, the company reported $400,000 in net income on their income statement. The following transactions occurred during the year in the following order: a.) sold 100,000 shares of common stock at $12 per share. b.) Purchased 10,000 shares of the company's own common stock at $30 per share to be held as treasury stock c.) Declared cash dividends on outstanding common stock of $1 per share to be paid next year. d.) Sold 1,000 shares of treasury stock for $35 per share. e.) Declared and distributed a small stock dividend on common stock of 5% of the shares outstanding. Market value for the stock was $15 per share. f.) Declared a 2-for-1 stock split on all outstanding shares. Prepare the Journal Entries and fill out the effect of the transactions on the accounts in the Owners' Equity section below. Find the totals for each of these accounts that would be used to prepare the balance sheet

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