! Required information [The following information applies to the questions displayed below.] Brice Co. completed the following transactions in Year 1, the first year of operation: 1. Issued 30,000 shares of no-par common stock for $20 per share. 2. Issued 8,300 shares of $30 par, 7 percent, preferred stock for $30 per share. 3. Paid a cash dividend of $17,430 to preferred shareholders. 4. Issued a 10 percent stock dividend on no par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $185,000 of cash revenues and incurred $75,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. lb. Record the Year 1 transactions in general journal form and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 6 7 8 Issued 30,000 shares of no-par common stock for $20 per share. Note: Enter debits before credits. Event General Journal Debit Credit 1. Record entry Clear entry View generat journal View general Journal View transaction list Journal entry worksheet Issued 8,300 shares of $30 par, 7 percent, preferred stock for $30 per share. Note: Enter debits before credits. Event General Journal Debit Credit 02 Record entry Clear entry View general Journal View transaction Ilst Journal entry worksheet Paid a cash dividend of $17,430 to preferred shareholders. Note: Enter debits before credits. General Journal Debit Credit Event 03 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. Note: Enter debits before credits. Event General Journal Debit Credit 04 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $ 70 per share. Note: Enter debits before credits. Event General Journal Debit Credit 05 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Closed the revenue, expense, and dividend accounts to retained earnings. Note: Enter debits before credits. Event General Journal Debit Credit 07 Record entry Clear entry View general Journal Cash Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Dividends Preferred Stock Beg. Bal Beg. Bal End. Bal End. Bal Service Revenue Operating Expenses Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Beg Bal End. Bal
