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Lollipop Inc. started the year with 800,000 shares issued, and 250,000 shares held as treasury stock (purchased in a prior period by Lollipop for $15 per share) Record the journal entries for the following transactions: a. On 2/1/2018 Lollipop issued 400,000 new shares of its common stock at $12 per share. b. On 3/1/2018 Lollipop reissued 50,000 of its treasury stock at $10 per share. c. On 9/1/2018 Lollipop repurchased 100,000 shares of its common stock for $13 per share. d. On 11/1/2018 Lollipop Inc. declared a 0.20 per share cash dividend on its $1 par common stock. e. On 12/5/2018 Lollipop Inc. paid the dividend

Lollipop Inc. started the year with 800,000 shares issued, and 250,000 shares held as treasury stock (purchased in a prior period by Lollipop for $15 per share) Record the journal entries for the following transactions: a. On 2/1/2018 Lollipop issued 400,000 new shares of its common stock at $12 per share. b. On 3/1/2018 Lollipop reissued 50,000 of its treasury stock at $10 per share. c. On 9/1/2018 Lollipop repurchased 100,000 shares of its common stock for $13 per share. d. On 11/1/2018 Lollipop Inc. declared a 0.20 per share cash dividend on its $1 par common stock. e. On 12/5/2018 Lollipop Inc. paid the dividend

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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Lollipop Inc. started the year with 800,000 shares issued, and 250,000 shares held as treasury stock (purchased in a prior period by Lollipop for $15 per share)

Record the journal entries for the following transactions:

a. On 2/1/2018 Lollipop issued 400,000 new shares of its common stock at $12 per share.

b. On 3/1/2018 Lollipop reissued 50,000 of its treasury stock at $10 per share.

c. On 9/1/2018 Lollipop repurchased 100,000 shares of its common stock for $13 per share.

d. On 11/1/2018 Lollipop Inc. declared a 0.20 per share cash dividend on its $1 par common stock.

e. On 12/5/2018 Lollipop Inc. paid the dividend

.

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