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Please fix any errors and I also need help recording the 6th one. Record The Following: 1. Issue an additional 120,000 shares of common stock
Please fix any errors and I also need help recording the 6th one.
Record The Following:
1. Issue an additional 120,000 shares of common stock for $10 per share.
2. Repurchase 12,000 shares of its own common stock (i.e., treasury stock) for $13 per share.
3. Reissue 6,000 shares of treasury stock at $14 per share.
4. Declare a cash dividend on its common stock of $139,000 ($1 per share) to all stockholders of record on December 15.
5. Record the entry on the date of record.
6***Pay the cash dividend declared on Dec. 1. *** (Help)
Tony and Suzie purchesed land costing $500,000 for a new camp in Januery 2020. Now they need money to build the cabins, dining facility, e ropes course, and an outdoor swimming pool Tony and Suzie first checked with Summit Bank to see if they could borrow another millian dellars, but unfortunetely the bank turned them down es too risky. Undeterred, they promoted their idea to dose friends they had made through the outdcor elinics and TEAM events. They decided to ga ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has two dasses of stock authorized: 9%, S10 per preferred, and $1 par value common. when he company e can an Juy 1, 2018 ony nn Suzie cach purchased 12,500 shares of S1 par value common stock a $1 per share. The Ilaw ng ransac ans fect stackhalders cquity during 2020, its third ynar o ape tons July 2 issue an dditional 120,000 shares of common stock for $10 per share. September 10 Repurchase 12,000 shares of its own common stock Il.e. , treasury stock) for $13 per share November 15 Reissue 6,000 shares of treasury stock at $14 per share. December 1 Declare a cash dividend on its common stock of $139,000 ($1 per sharel to all stockholders of record on December 15 December 31 Pay the cash dividend declared on December 1 Required 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Date General Journal Debit Credit July 02, 2020 Caslh 1,200,000 Common stock 100,000 Additional paid-in capital 1,080,000 September 10 2020 Treasury stock 156,000 Cash 156,000 November 15, Cash 84,000 2020 Treasury stock Additional paid-in capital 78,000 6,000 December 01, 2020 Dividends 115,000 Dividends payable 115,000 December 15, Dividends 139,000 2020 Dividends payable 139,000 December 31, Dividends 139,000 2020 Dividends payable 139,000 Journal entry worksheet 1 2 3 4. 6 Pay the cash dividend declared on Dec. 1 Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Dividends 139,000 Dividends payable 139,000 Record entry Clear entry View general journalStep by Step Solution
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