Required information (The following information applies to the questions displayed below.} On March 24, 2019, Metco Inc. purchased for its treasury 2,500 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 750 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Calculate the total amount of the cash dividends paid in the second quarter. Dividend paid

Required information (The following information applies to the questions displayed below.} On March 24, 2019, Metco Inc. purchased for its treasury 2,500 shares of its common stock at a price of $39.00 per share. On August 19, 2019, 750 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $0.40 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Calculate the total amount of the cash dividends paid in the second quarter. Dividend paid

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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In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 200 million shares of its $1 par common stock at $20 per share. Required:Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On January 23, 2021, Western Transport reacquired 15 million shares at $23 per share. On September 3, 2021, Western Transport sold 1 million treasury shares at $24 per share. On November 4, 2021, Western Transport sold 1 million treasury shares at $21 per share.
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