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The following transactions pertain to Linton Corp.: 3-Jan The company issued common stock for cash. Number of shares issued 150,000 Par value per share $
| The following transactions pertain to Linton Corp.: | |||||
| 3-Jan | The company issued common stock for cash. | ||||
| Number of shares issued | 150,000 | ||||
| Par value per share | $ 10 | ||||
| Market price per share | $ 22 | ||||
| 10-Feb | The company issued common stock in exchange for land that is advertised for sale | ||||
| at a price of $300,000. The stock is actively traded. | |||||
| Number of shares issued | 10,000 | ||||
| Par value per share | $ 10 | ||||
| Market price per share | $ 22 | ||||
| Instructions: Prepare the journal entries for these two transactions. | |||||
| 1-Dec | The Board of Directors of India Star Company declared a cash dividend of $ .35 per share. | ||||
| Dividend is payable to shareholders on December 15 | |||||
| Date of record is December 7 | |||||
| Number of $1 par common shares outstanding | 25,500 | ||||
| INSTRUCTIONS: Prepare the journal entries to declare the dividend and then pay it. | |||||
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