Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Subtitle Subble En. Emphasis Intense E... StrongQuate I tyles Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 232,000 issued and outstanding $10 par common

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Subtitle Subble En. Emphasis Intense E... StrongQuate I tyles Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 232,000 issued and outstanding $10 par common shares. During 2019, Pumpkin entered into the following transactions: Declared a $0.40 per-share cash dividend on March 10. Paid the $0.40 per-share dividend on April 10 a. b. c. Repurchased 8,000 common shares at a cost of $24 each on May 2 d. Sold 3,000 unissued common shares for $26 per share on June 9. e. Declared a $0.55 per-share cash dividend on August 10. f. Paid the $0.55 per-share dividend on September 10. g. Declared and paid a 10% stock dividend on October 15 when the market price of the common stock was $28 per share Declared a $0.60 per-share cash dividend on November 10 Paid the $0.60 per-share dividend on December 10. Required 1. Prepare journal entries for each of these transactions. h. i. 2019 Retained a. Earnings Mar. (or 10 Dividends) Dividends Payable (Record lability for dividends) b. Dividends Apr. payable Cash (Record payment of dividends) C. Treasury May Stock Cash Eaton yo tol Dand Et oR inv PR 759

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Basic Accounting Concepts Principles And Procedures Volume 1

Authors: Gregory Mostyn, Worthy And James

2nd Edition

0991423100, 978-0991423101

More Books

Students also viewed these Accounting questions