Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, Bramble Corp. had 85,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

On January 1, 2020, Bramble Corp. had 85,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar. 1 Issued 99,000 shares of common stock for $660,000.
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
June 30 Paid the $2.00 cash dividend.
Dec. 1 Purchased 8,000 shares of common stock for the treasury for $18 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31.

Net income for 2020 amounted to $989,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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_2

Step: 3

blur-text-image_3

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

Business Accounting Uk Gaap Volume 2

Authors: Alan Sangster, Frank Wood

1st Edition

0273718800, 9780273718802

More Books

Students also viewed these Accounting questions

Question

1. Eat lunch with a different group of students every day.

Answered: 1 week ago