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On January 1, 2022. The Eighties Shop has 100,000 shares of common stock outstanding. The Eighties Shop incurred the following transactions in 2022 March 1
On January 1, 2022. The Eighties Shop has 100,000 shares of common stock outstanding. The Eighties Shop incurred the following transactions in 2022 March 1 Issues 53,000 additional shares of $1 par value common stock for $50 per share. May 10 Purchases 4,800 shares of treasury stock for $53 per share. June 1 Declares a cash dividend of $1.40 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,400 shares of treasury stock purchased on May 10 for $58 per share Required: Record each of these transactions. (If no entry is required for a particular tronsaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
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