Callaway Golf recently reported the following December 31 balances in its stockholders* equity ac-

/r^VVdU/^ counts (in thousands):

During the current year, Callaway reported net income of $42,862. Assume that the onl\ other transactions that affected stockholders' equity during the current year were a single stock issuance and a single cash dividend that was declared and paid during the current year.
Required:
Recreate the two journal onirics reflecting the stock issuance and dividend.

Transcribed Image Text:

Current Year Prior Year Common stock $ 169 $ 140 Paid-in capital 57,807 Retained earnings 58.601 Total shareholders' equity $116.577 31.948 17.662 $49.750