Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2017, Lincoln Corporation had 80,000 common shares outstanding, recorded on the books at $600,000. Retained Earnings were $1,000,000. During the year,
On January 1, 2017, Lincoln Corporation had 80,000 common shares outstanding, recorded on the books at $600,000. Retained Earnings were $1,000,000. During the year, the following transactions happened: 1) April 1 Issued 5,000 common shares at $10 per share 2) June 15 - Declared a cash dividend of $0.25 per share to common shareholders of record on July 1. 3) July 31 Paid dividend Declared on June 15. 4) August 21 Declared a 5% stock dividend to common shareholders of record on September 1, to be distributable on September 22nd. The shares were trading at $12 per share on August 21", $14.50 per share on September 1" and $15 per share on September 22. 5) November 1-Declared a 3:1 stock split REQUIRED - Prepare any journal entries required to record these 5 transactions. If no entry is required, simply write "No entry required." Date Account Dr Cr
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Journal Entries for Lincoln Corporation 1 April 1 Date April 1 2017 Debit Cash Ac 50000 5000 share...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