Dawls Corporation reported stockholders' equity on December 31 of the prior year as follows: Common stock, $5 par value, 1,000,000 Shares authorized, 500,000 shares issued $ 2,500,000 Contributed capital in excess of par, common stock 1,000,000 Retained earnings 3,000,000 The following selected transactions occurred during the current year: Feb. 15 The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $8 per share. May 1 Purchased 10,000 of its own shares for $ 6 per share May 15 Issued 5,000 preferred stock, $10 par per share, for $12 per share cash Jun 1 Sold 5,000 of the shares purchased on May 1 for $ 7 each Aug. 20 Sold remaining 5,000 shares, purchased on May 1, for $ 4 each. Required: Prepare journal entries for the above transactions, explanations are not required.
Dawls Corporation reported
|
Common stock, $5 par value, 1,000,000 Shares authorized, 500,000 shares issued |
$ 2,500,000 |
|
Contributed capital in excess of par, common stock |
1,000,000 |
|
|
3,000,000 |
The following selected transactions occurred during the current year:
Feb. 15 The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $8 per share.
May 1 Purchased 10,000 of its own shares for $ 6 per share
May 15 Issued 5,000
Jun 1 Sold 5,000 of the shares purchased on May 1 for $ 7 each
Aug. 20 Sold remaining 5,000 shares, purchased on May 1, for $ 4 each.
Required:
Prepare journal entries for the above transactions, explanations are not required.
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