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Question 2 7.5 points Save Answer (7.5 Grades) Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020: - Common stock, $10 par, 50,000 shares authorized, 30,000 shares issued and outstanding $ 300,000 - Paid in Capital in Excess of Par Value, Common Stock 200,000 - Retained Earnings 500,000 The following transactions occurred during 2021: 1. Feb. 20. Purchased 2,000 of its own shares for $ 15 per share 2. March 10: Declared a $1 per share cash dividend on the outstanding common stock 3. April 07: Paid the cash dividends declared early in March 10. 4. May 20 Sold all treasury shares for $16 each. 5. Oct 1: Declared 10% stock dividends on the outstanding common stock for the record of 1 and to be distributed on Dec. 10. The market value of stock on Oct 1 was $14 per share. 6. Dec. 10. Distributed the shares which declared on Oct. 1. 7. Dec. 25. Implemented a 2-for-1 stock split when the market value of stock was $26 per share. NOTE: If there is no entry, please write: NO EN TRY Required: Prepare Journal entries to record transactions that occurred during 2021. CLEARLY INDICATE THE DEBITS & CREDITS Example: on 1 January 2020, XYZ Company pays $10,000 cash to purchase land Answer 1/1/2020 Dr. Land, 10,000 Cr. Cash 10.000 For the toolbar, press ALT=F10 (PC) or ALT-FN-F10 (Mac). B IV Paragraph Arial 10pt