During its first year of operations, Cupola Fan Corporation issued 34,000 of $1 par Class B shares for $405,000 on June 30, 2021. Share issue costs were $1,900. One year from the issue date (July 1, 2022), the corporation retired 10% of the shares for $41,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.40 per share dividend on December 1, 2021, the payment of the dividend on December 31, 2021 and the retirement of the shares. 1. Record the issuance of the shares 2. Record the declaration of a $2.40 per share dividend on December 1, 2021. 3. Record the payment of the dividend on December 31, 2021. 4. Record the retirement of the shares.
During its first year of operations, Cupola Fan Corporation issued 34,000 of $1 par Class B shares for $405,000 on June 30, 2021. Share issue costs were $1,900. One year from the issue date (July 1, 2022), the corporation retired 10% of the shares for $41,500.
Required:
1. to 4. Prepare the
1. Record the issuance of the shares
2. Record the declaration of a $2.40 per share dividend on December 1, 2021.
3. Record the payment of the dividend on December 31, 2021.
4. Record the retirement of the shares.
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