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Item 1: On January 1, 2024, Entity L had 65,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 90,000 shares of common stock for $810,000 Declared a cash dividend of $1.50 per share June 1 June 15 Date of Record for dividend declared on June 1 June 30 Paid the $1.50 cash dividend Dec. Purchased 6,000 shares of common stock for the treasury for $10 per share Instructions: Prepare journal entries to record the above transactions.

Item 1: On January 1, 2024, Entity L had 65,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 90,000 shares of common stock for $810,000 Declared a cash dividend of $1.50 per share June 1 June 15 Date of Record for dividend declared on June 1 June 30 Paid the $1.50 cash dividend Dec. Purchased 6,000 shares of common stock for the treasury for $10 per share 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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Item 1: On January 1, 2024, Entity L had 65,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1 Issued 90,000 shares of common stock for $810,000 June 1 Declared a cash dividend of $1.50 per share June 15 Date of Record for dividend declared on June 1 Paid the $1.50 cash dividend June 30 Dec. 1 Purchased 6,000 shares of common stock for the treasury for $10 per share Instructions: Prepare journal entries to record the above transactions.
Transcribed Image Text:Item 1: On January 1, 2024, Entity L had 65,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1 Issued 90,000 shares of common stock for $810,000 June 1 Declared a cash dividend of $1.50 per share June 15 Date of Record for dividend declared on June 1 Paid the $1.50 cash dividend June 30 Dec. 1 Purchased 6,000 shares of common stock for the treasury for $10 per share Instructions: Prepare journal entries to record the above transactions.
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