(Preparing journal entries, LO 2, 3, 4,5) For each of the following transactions or economic events, prepare the journal entry that would be required:

a. On April 2, 2010 Barthel Inc. issued 100,000 common shares for $1,500,000.

b. On May 17, 2010 Cayley Corp. announced a two-for-one stock split.

c. On October 11, 2010 Duro Ltd. declared a $0.15 per share cash dividend. The dividend was paid on February 11, 2010.

d. On August 17, 2010 Gullies Inc. issued 300,000 common shares with a par value of $0.01 for $6,000,000.

e. On December 9, 2010 Ireton Ltd. repurchased 100,000 shares of its common stock on the open market at an average price of $11.25 per share. On December 9, 2010 the balance in Ireton Ltds Common Stock account was

$35,000,000 and there were 6,000,000 common shares outstanding.

f. On June 7, 2010 Nilrem Ltd. repurchased 50,000 shares of its common stock on the open market at an average price of $3.75 per share. On June 7, 2010 the balance in Nilrem Ltd.’s Common Stock account was $5,000,000 and there were 1,000,000 common shares outstanding.

g. On April 21, 2010 Quimper Corp. declared and distributed a 5% common stock dividend. On April 21, 2010 Quimper had 25,000,000 common shares outstanding and the market price per share was $2.75. The balance in the Common Stock account on April 21, 2010 was $20,000,000.

h. On February 19, 2010 Vidora Inc. granted 100,000 stock options with an exercise price of $12.00. The market price of the Vidora Inc.’s shares on February 19, 2011 was $11.75. The options were exercised on February 19, 2009, when the market price was $14.20.

i. On December 4, 2010 Yarrow Ltd. declared a property dividend of some of the company’s products. Each shareholder received an identical case of products that was taken directly from inventory. The book value of the inventory on December 4, 2010 was $1,200,000 and its market value, based on the most recent selling price to customers, was $2,100,000. The dividend was distributed to the shareholders on December 21, 2010.

j. On March 5, 2010 Zoria Corp. exchanged 50,000 shares of its common stock for equipment it needed for its research lab. Zoria Corp. is a privately owned corporation, so its share price is not readily available, but a recent valuation of the company estimated the value of its shares at between $2.50 and $3.10. The list price of the equipment received is $172,000.