Journalize the corporations transactions for 2024 and use the image attached stating the short explanation for the transaction. Corporation began operations on January 2, 2024, and had the following transactions during the year: Jan. 2 Issued 260,000 shares of $1 par value common stock at $46 per share. Total shares authorized: 1,000,000. Feb. 5 Issued 11,000 shares of $50 par, 5% cumulative preferred stock at $60 per share. Total shares authorized: 25,000. Mar. 15 Issued 150,000 shares of $1 par value common stock at $40 per share. Apr. 2 Declared a $3.50 per share cash dividend on its preferred stock to be paid on April 25. Date of record is April 10. Apr. 3 Declared a $0.20 per share cash dividend on its common stock to be paid on April 26. Date of record is April 10. Apr. 25 Payment of cash dividend on preferred stock. Apr. 26 Payment of cash dividend on common stock. Jun. 1 Declared a 4% stock dividend on all common stock outstanding. Current market price of the stock was $46 per share. Jun. 30 Distributed common stock dividend to shareholders. Oct. 10 Purchased 3,500 shares of treasury stock-common at $55 per share. Nov. 15 Sold 2,500 shares of treasury 5öck-common at $58 per share.
Journalize the corporations transactions for 2024 and use the image attached stating the short explanation for the transaction.
Corporation began operations on January 2, 2024, and had the following transactions during the year:
Jan. 2 Issued 260,000 shares of $1 par value common stock at $46 per share. Total shares authorized: 1,000,000.
Feb. 5 Issued 11,000 shares of $50 par, 5% cumulative
Mar. 15 Issued 150,000 shares of $1 par value common stock at $40 per share.
Apr. 2 Declared a $3.50 per share cash dividend on its preferred stock to be paid on April 25. Date of record is April 10.
Apr. 3 Declared a $0.20 per share cash dividend on its common stock to be paid on April 26. Date of record is April 10.
Apr. 25 Payment of cash dividend on preferred stock.
Apr. 26 Payment of cash dividend on common stock.
Jun. 1 Declared a 4% stock dividend on all common stock outstanding. Current market price of the stock was $46 per share.
Jun. 30 Distributed common stock dividend to shareholders.
Oct. 10 Purchased 3,500 shares of
Nov. 15 Sold 2,500 shares of treasury 5öck-common at $58 per share.
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