Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started