MASTAAN Question 2 Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 - Common stock; $10 par value; 700,000 shares authorized; 300,000 shares issued and outstanding $3,000,000 - Paid in capital in excess of par value, common stock. -Retained earnings... Total 400,000 900,000 $4,300,000 The Corporation completed the following transactions in 2021. -Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. Mar 01, Purchased 30,000 shares of its own common for $15 per share. Mar. 31, Paid the cash dividend declared on Jan 10 May 01, Sold 10,000 of its treasury shares at $15 cash per share. Sep 30, Directors declared a 30% stock dividend when the share market price is $16. - Nov 01, Distributed stock dividends declared on Sep. 30- - Nov 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for 2021. CLEARLY INDICATE THE DEBITS & CREDITS Example: XYZ Company pays $10,000 cash to purchase land Answer Dr. Land 10,000 Cr. Cash 10,000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 10pt #-E- BIUS Arial Paragraph Acti 150 AVA I XOQS