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Sherry's Berries Inc.'s charter authorizes the company to issue up to 200,000 common shares. As of January 1, 2020, Sherry's Berries Inc.'s shareholders' equity section
Sherry's Berries Inc.'s charter authorizes the company to issue up to 200,000 common shares. As of January 1, 2020, Sherry's Berries Inc.'s shareholders' equity section of the balance sheet reported the following: Common shares (outstanding: 41,000 shares) $574,000 During 2020, the following transactions related to shareholders' equity occurred, in the order given: Mar 3: Reacquired and cancelled 7,000 common shares at $15 cash per share from shareholders. Apr 22: Declared and paid a 10% stock dividend when the market price per share was $16 per share. June 15: Declared a cash dividend of $2 per share to all shareholders of record on June 30. The dividend is payable July 5. July 5: Paid the dividend from June 15. There was no opening contributed surplus amount. Provide the journal entries to record the above transactions, using the table below to record your answers. NOTE: USE FULL, PROPER ACCOUNT NAMES AS USED IN CLASS AND IN THE TEXTBOOK - NO ABRREVIATIONS. ENTER DOLLAR AMOUNTS IN WHOLE DOLLARS ONLY: NO COMMAS, NO DOLLAR SIGN, NO DECIMALS. Account Name(s) Debit Credit Date Mar 3 Apr 22 Jun 15 Jul 5
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