On January 1, Michelle Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of S5 per share. During the year, the following occurred. Apr. 1issued 55, 000 additional shares of common stock for $17 per share. Jun. 15Declared a cash dividend of $1 per share to stockholders of record on June 30. Jul. 10Paid the $1 cash dividend. Dec. 1Issued 2, 000 additional shares of common stock for $19 per share. 15Declared a cash dividend on outstanding shares of S 1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the dates.
On January 1, Michelle Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of S5 per share. During the year, the following occurred. Apr. 1issued 55, 000 additional shares of common stock for $17 per share. Jun. 15Declared a cash dividend of $1 per share to stockholders of record on June 30. Jul. 10Paid the $1 cash dividend. Dec. 1Issued 2, 000 additional shares of common stock for $19 per share. 15Declared a cash dividend on outstanding shares of S 1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the dates.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, Michelle Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of S5 per share. During the year, the following occurred. Apr. 1issued 55, 000 additional shares of common stock for $17 per share. Jun. 15Declared a cash dividend of $1 per share to stockholders of record on June 30. Jul. 10Paid the $1 cash dividend. Dec. 1Issued 2, 000 additional shares of common stock for $19 per share. 15Declared a cash dividend on outstanding shares of S 1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the dates.
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