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On January 1, 2025, Carla Vista Corporation had 71,400 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 86,400 shares of common stock for $648,000. Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Dec. 1 Purchased 4,800 shares of common stock for the treasury for $18 per share. Dec. 15. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. June 1 June 30 Net income for 2025 totaled $924,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles

On January 1, 2025, Carla Vista Corporation had 71,400 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 86,400 shares of common stock for $648,000. Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Dec. 1 Purchased 4,800 shares of common stock for the treasury for $18 per share. Dec. 15. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. June 1 June 30 Net income for 2025 totaled $924,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles

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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Date Account Titles and Explanation Debit Credit
Transcribed Image Text:Date Account Titles and Explanation Debit Credit
On January 1, 2025, Carla Vista Corporation had 71,400 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 86,400 shares of common stock for $648,000. June 1 June 30 Dec. 1 Dec. 15 Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Purchased 4,800 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $924,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Transcribed Image Text:On January 1, 2025, Carla Vista Corporation had 71,400 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 86,400 shares of common stock for $648,000. June 1 June 30 Dec. 1 Dec. 15 Declared a cash dividend of $2 per share to stockholders of record on June 15. Paid the $2 cash dividend. Purchased 4,800 shares of common stock for the treasury for $18 per share. Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $924,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.)
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