On January 1, 2014, Calvin Corporation already has 100,000 shares of $2 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued an additional...

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On January 1, 2014, Calvin Corporation already has 100,000 shares of $2 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued an additional 50,000 shares of common stock for $700,000. June 1 declared a cash dividend of $2.00 per share to Stockholders of record on June 15. June 30 paid the $2.00 cash dividend. July 15 Declared a 2 for I stock split. Dec. 1 Purchased 10,000 shares of common stock for the treasury for $15 per share. Dec. 15 declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 29. Dec. 31 Close net income to retained earnings. Net income for 2014 amounted to $500,000. INSTRUCTIONS Prepare journal entries - IN GOOD FORM - to record the above transactions. If no entry is required indicate that "no entry is required".
Answered Same DayJan 02, 2022

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David answered on Jan 02 2022
27 Votes
Question:
On January 1, 2014, Calvin Corporation already has 100,000 shares of $2 parvalue
common stock issued and outstanding. During the year, the following transactions
occu
ed:
Mar. 1 Issued an additional 50,000 shares of common stock for $700,000.
June 1 Declared a cash dividend of $2.00 per share to Stockholders of record on
June 15.
June 30 Paid the $2.00 cash dividend.
July 15 Declared a 2 for I stock split.
Dec. 1 Purchased 10,000 shares of common stock for the treasury for $15 per
share.
Dec. 15...
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