q4

(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 S 18 per share. 2. March 10: Declared a S2 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 $19 each. 5. Oct. 1: Declared 10% stock dividends on the outstanding common stock for the record of Nov 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 ENTRY" 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