ring its first year of operations, Cupola Fan Corporation issued 36,000 of $1 par Class B shares for $415,000 on June 30, 2024. Share issue costs were $2,100. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $42,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
ring its first year of operations, Cupola Fan Corporation issued 36,000 of $1 par Class B shares for $415,000 on June 30, 2024. Share issue costs were $2,100. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $42,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
During its first year of operations, Cupola Fan Corporation issued 36,000 of $1 par Class B shares for $415,000 on June 30, 2024. Share issue costs were $2,100. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $42,500.
Required:
1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares.
Note: If no entry is required for a transaction/event, select "No
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