Problem #4 Please Journalize Lorax Corporation produces environmental protection equipment. The stockholders equity accounts of Lorax Corporation, with balances on January 1, 2021, are as follows: Common Stock, $15 stated value (160,000 shares authorized, 105,000 shares issued) $1,575,000 Paid-In Capital in Excess of Stated Value 3,000,000 Retained Earnings 4,225,000 Treasury Stock (6,500 shares, at cost) 1,852,250 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.75 per share on the common stock. The dividend had been properly recorded when declared on December 28 of the preceding fiscal year. Feb. 28. Sold all of the treasury stock for $2,000,000 Apr. 5. Issued 18,000 shares of common stock for $324,000. July 30. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 a share. Aug. 30. Issued the certificates for the dividend declared on July 30. Sept. 3. Purchased 5,000 shares of treasury stock for $110,000. Dec. 28. Declared an $0.75-per-share dividend on common stock. Dec. 30. Sold 1,500 shares of treasury stock at $18, receiving cash.

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