Question 1 Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020 - Common stock; $10 par value; 500,000 shares authorized; 300,000 shares issued and outstanding - Paid in capital in excess of par value, common stock - Retained earnings...... $3,000,000 400,000 900,000 Total $4,300,000 The Corporation completed the following transactions in 2021 1- Jan 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan 31 stockholders of record 2- Mar 01, Purchased 20,000 shares of its own common for $15 por share. 3- Mar 31, Paid the cash dividend declared on Jan 10. 4- May 01, Sold 12,000 of its treasury shares at $15 cash por share. 5- Sep 30, Directors declared a 30% stock dividend when the share market price is $16. 6- Nov 01, Distributed stock dividends declared on Sep 30 7-Nov. 15, The company implemented 5-for-1 stock split for the common stock Required: Prepare journal entries to record each of these transactions for 2021. CLEARLY INDICATE THE DEBITS & CREDITS Example: XYZ Company pays $10,000 cash to purchase land Answer Dr. Land 10,000 Cr Cash 10,000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). A V 10pt I XOQ pinta Sexe Avver ***