Maple Forest Corporation designs and produces a line of golf equipment and golf apparel. Maple Forest has 100,000 shares of common stock outstanding as of the beginning of 2024. Maple Forest has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share. Purchases 5,800 shares of treasury stock for $63 per share. Declares a cash dividend of $1.90 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,900 shares of treasury stock purchased on May 10 for $68 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Maple Forest Corporation designs and produces a line of golf equipment and golf apparel. Maple Forest has 100,000 shares of
common stock outstanding as of the beginning of 2024. Maple Forest has the following transactions affecting stockholders' equity in
2024.
March 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share.
Purchases 5,800 shares of treasury stock for $63 per share.
Declares a cash dividend of $1.90 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on
treasury stock.)
May 10
June 1
July 1
Pays the cash dividend declared on June 1.
October 21 Resells 2,900 shares of treasury stock purchased on May 10 for $68 per share.
Required:
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)
Transcribed Image Text:Maple Forest Corporation designs and produces a line of golf equipment and golf apparel. Maple Forest has 100,000 shares of common stock outstanding as of the beginning of 2024. Maple Forest has the following transactions affecting stockholders' equity in 2024. March 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share. Purchases 5,800 shares of treasury stock for $63 per share. Declares a cash dividend of $1.90 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) May 10 June 1 July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,900 shares of treasury stock purchased on May 10 for $68 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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