Question
The following information was obtained from Geneveraux Corporation records on December 31, 2019. Preferred Shares, $2 cumulative*, 22,000 shares authorized and outstanding $738,000 Common Shares,
The following information was obtained from Geneveraux Corporation records on December 31, 2019. Preferred Shares, $2 cumulative*, 22,000 shares authorized and outstanding $738,000 Common Shares, unlimited authorization, 60,000 shares outstanding $900,000 Retained Earnings $560,000 *no dividends have been declared in 2017, 2018 and 2019
prepare journal entries for the following selected transactions during 2020. Jan.
1 All the necessary dividends were declared on Jan 1st to pay on Jan 31st a $1 per common share to the shareholders of record at Jan 15th. Jan. 31 All dividends were paid Apr. 30 Declared a 2 for 1 common share split. Market value was $15.00 on Apr. 30. Sept. 30 Issued 6,000 shares of the company's common stock at $18.00 per share. Nov. 30 Repurchased and cancelled 3,000 common shares at $20.00 per share.
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