Contract for construction

Assignment Help Financial Accounting

Reference no: EM13915010

Following are selected transactions of White Corporation: 2002
Dec. 31, 2002 - The board of directors authorized the appropriation of $50,000 of retained earnings to provide for the future acquisition of a new plant site and the construction of a new building. (On the last day of the next six years, the same action was taken. You need not make entries for these six years.)
Jan. 2, 2007 - Purchased a new plant site for cash, $100,000.
Mar. 29, 2007 - Entered into a contract for construction of a new building, payment to be made within 30 days following completion.
Feb. 10, 2009 - Following final inspection and approval of the new building, Dyer Construction Company was paid in full, $500,000.
Mar. 10, 2009 - The board of directors authorized release of the retained earnings appropriated for the plant site and building.
Apr. 2, 2009 - A 5 percent stock dividend on the 100,000 shares of $50 par value common stock outstanding was declared. The market price on this date was $55 per share.
Prepare journal entries for all of these transactions:

Reference no: EM13915010

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