On January 1, 2017, Lincoln Corporation had 80,000 common shares outstanding, recorded on the books at...

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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 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

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Answer Date Account Debit Credit April 1 Cash 50000 Common Stock 5000 shares 10 50000 Jun... View the full answer