40. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at...

Extracted text: 40. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015. Dec. Instructions Journalize the transactions for Patrick Corporation. OFocus