Q - 1

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1 or 40 N Corporation was recently formed with an unlimited number of authorized no-par value common shares The following events occurred in the order shown in its first year. 1. Sold and issued 5,000 common shares for cash at $26 per share. 2. Issued a 10% share dividend when the shares were selling at $30 per share, 3. Declared a cash dividend of $1 per share on the shares outstanding 4. Paid the cash dividend declared in (3) 5. Purchased and cancelled 100 shares for cash at $27 per share 6. Issued a 2-for-1 share split when the market price was $20 per share. 7. Net income for the year was $250,000 Prepare journal entries for the above events. If no journal entry is required, write "no entry" -do not merely leave blank