Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 20, 2018, A company had the following shares outstanding: Preferred stock (6%, $30 par) 1,000,000 shares Common stock ($2 par) 10,000,000 shares Journalize

On December 20, 2018, A company had the following shares outstanding: Preferred stock (6%, $30 par) 1,000,000 shares Common stock ($2 par) 10,000,000 shares

Journalize the following transactions and events from 2019:

(a) January 10: the company purchased 500,000 shares of its common stock at a market price $24 per share.

(b) March 4: the company declares a dividend on preferred stock of $3.00 per share. The record date is March 8th and the date of payment is April 1st.

(c) March 4: the company declares a cash dividend on the common stock of $0.18 per share. The record date March 8th and the payment is April 1st.

(d) June 20: the company sells 10,000 shares of treasury stock. The sale price is $10 per share.

(e) September 1: the company declares a 10% common stock dividend when the market price is $21 per share. The record date is September 15, the common stock is issued October 1.

(f) December 15: the company sells 100,000 shares of treasury stock. The sale price is $33 per share.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Independent Review For Banks The Complete BSA AML Audit Workbook

Authors: Howard Steiner, Stephen L. Marini

1st Edition

0615237908, 978-0615237909

More Books

Students also viewed these Accounting questions

Question

Ensure continued excellence in people management.

Answered: 1 week ago

Question

Enhance the international team by recruiting the best people.

Answered: 1 week ago