Question
Randy Company has 600,000 shares of common stock outstanding. Each share of common stock has a par value of $10. Please prepare journal entries to
Randy Company has 600,000 shares of common stock outstanding. Each share of common stock has a par value of $10. Please prepare journal entries to record the following INDEPENDENT transactions:
1. Randys directors declare a 10% stock dividend on September 1, 2019. On that date, the stock is trading on the market at $30 per share.
2. Randy purchases 1,000 of its outstanding shares on January 10, 2019 for $20 per share.
3. On April 1, 2019, Randy reissues 2,000 treasury shares for $40 share. The shares were previously purchased in 2017 for $30 per share. There is no balance in the APIC-Treasury Stock account.
4. Randy issues 20,000 additional shares on September 1, 2019 for $50 per share.
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