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On January 1, 2020, Didgeridoo Corporation had the following shareholders' equity accounts: Didgeridoo Corporation Balance Sheet (partial) January 1, 2020 Shareholders' equity: Common shares (unlimited
On January 1, 2020, Didgeridoo Corporation had the following shareholders' equity accounts: Didgeridoo Corporation Balance Sheet (partial) January 1, 2020 Shareholders' equity: Common shares (unlimited # of shares authorized, 45,000 shares issued) Retained earnings Total shareholders' equity $ 450,000 1,050,000 $1.500.000 During the year, the following transactions occurred: Jan. 15 Declared a $1 cash dividend per share to shareholders of record on January 31, payable February 15. The date of record is Jan 31. Feb. 10 Issued 2,000 common shares in exchange for land with a fair market value of $22,000. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared and distributed a 10% stock dividend to common shareholders of record on April 15. On April 15, the market price of each share was $12. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. Dec. 20 Repurchased 5,000 company's own shares on the open market when the market price was $16/share. Assume that the weighted average cost per share was $13.50. Required: a) Journalize the transactions noted above (Journal entry explanations are not required, but of course, account names are required.)
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