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Jan. 1: Issued 7,000 shares of $100 PV, 4%, preferred stock at par. Jan. 2 Declared a 2:1 stock split on the common Feb.1: Issued 6,000 shares of common stock for equipment valued at $139,000. Mar.1: Declared and issued a 10% stock dividend when the market price was $25 per share. May 1: Reacquired 3,000 shares @ $28. Dec. 1: Declared a $2 per share dividend on the common stock. Dec. 30: Paid the Dec, 1 dividend. Dec. 31: Net income for the year was $640,000. REQUIRED: Make the necessary journal entries for the above dates.

Jan. 1: Issued 7,000 shares of $100 PV, 4%, preferred stock at par. Jan. 2 Declared a 2:1 stock split on the common Feb.1: Issued 6,000 shares of common stock for equipment valued at $139,000. Mar.1: Declared and issued a 10% stock dividend when the market price was $25 per share. May 1: Reacquired 3,000 shares @ $28. Dec. 1: Declared a $2 per share dividend on the common stock. Dec. 30: Paid the Dec, 1 dividend. Dec. 31: Net income for the year was $640,000. REQUIRED: Make the necessary journal entries for the above dates.

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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Chapter 13 Review Problem Jan. 1: Issued 7,000 shares of $100 PV, 4%, preferred stock at par. Jan. 2 Declared a 2:1 stock split on the common Feb.1: Issued 6,000 shares of common stock for equipment valued at $139,000. Mar.1: Declared and issued a 10% stock dividend when the market price was $25 per share. May 1: Reacquired 3,000 shares @ $28. Dec. 1: Declared a $2 per share dividend on the common stock. Dec. 30: Paid the Dec, 1 dividend. Dec. 31: Net income for the year was $640,000. REQUIRED: Make the necessary journal entries for the above dates.
Transcribed Image Text:Chapter 13 Review Problem Jan. 1: Issued 7,000 shares of $100 PV, 4%, preferred stock at par. Jan. 2 Declared a 2:1 stock split on the common Feb.1: Issued 6,000 shares of common stock for equipment valued at $139,000. Mar.1: Declared and issued a 10% stock dividend when the market price was $25 per share. May 1: Reacquired 3,000 shares @ $28. Dec. 1: Declared a $2 per share dividend on the common stock. Dec. 30: Paid the Dec, 1 dividend. Dec. 31: Net income for the year was $640,000. REQUIRED: Make the necessary journal entries for the above dates.
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