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Candy Cove Company had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: March 1 Issued 40,000 shares of common stock for $6,000,000 June 1 Declared a cash dividend of $2 per share to stockholders of record June 15 June 30 Paid the $2 cash dividend Instructions: Prepare journal entries to record the above transactions

Candy Cove Company had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: March 1 Issued 40,000 shares of common stock for $6,000,000 June 1 Declared a cash dividend of $2 per share to stockholders of record June 15 June 30 Paid the $2 cash dividend Instructions: Prepare journal entries to record the above transactions

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Candy Cove Company had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: March 1 Issued 40,000 shares of common stock for $6,000,000 June 1 Declared a cash dividend of $2 per share to stockholders of record June 15 June 30 Paid the $2 cash dividend Instructions: Prepare journal entries to record the above transactions
Transcribed Image Text:Candy Cove Company had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: March 1 Issued 40,000 shares of common stock for $6,000,000 June 1 Declared a cash dividend of $2 per share to stockholders of record June 15 June 30 Paid the $2 cash dividend Instructions: Prepare journal entries to record the above transactions
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