On January 1, 2020, Kingbird, Inc. had 85,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 96,000 shares of common stock for $630,000. June 1 Declared a cash dividend of $2.00per share to stockholders of record on June 15. June 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 8,000 shares of common stock for the treasury for $20 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2020 amounted to $937,000, Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is ontered Do not indent manuglly, Record journal entries in the order presented in the problem. If no entry is required, select

On January 1, 2020, Kingbird, Inc. had 85,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 96,000 shares of common stock for $630,000. June 1 Declared a cash dividend of $2.00per share to stockholders of record on June 15. June 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 8,000 shares of common stock for the treasury for $20 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2020 amounted to $937,000, Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is ontered Do not indent manuglly, Record journal entries in the order presented in the problem. If no entry is required, select

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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