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On December 31, 2016, J Sigga Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders' equity had
On December 31, 2016, J Sigga Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2016, stockholders' equity had the amounts listed here.
Common Stock | $6,500,000 | |
Additional Paidin Capital | 1,800,000 | |
Retained Earnings | 1,200,000 |
Transactions during 2017 and other information related to stockholders' equity accounts were as follows.
- On January 10, 2017, issued at $107 per share 120,000 shares of $100 par value, 9% cumulative preferred stock.
- On February 8, 2017, reacquired 15,000 shares of its common stock for $11 per share.
- On May 9, 2017, declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 31, 2017.
- On June 8, 2017, declared a cash dividend of $1.20 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017.
- Net income for the year was $3,600,000.
Prepare in proper form the seven journal entries needed for the above items
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