Identify each transaction by the appropriate letter

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Reference no: EM133903726

Problem

LeeJin Corp. started a two-year period with 200,000 shares of $2 par common stock outstanding. During the two years, LeeJin had the following capital stock transactions: (i) Declared a 10% common stock dividend. The market value of the common stock was estimated at $8 per share. (ii) Declared a cash dividend of $0.20 per share on common stock. (iii) Declared a 30% common stock dividend. The market value of the common stock was estimated at $9 per share. (iv) Declared a cash dividend of $0.20 per share on common stock. (v) Declared a two-for-one stock split. (vi) Declared a cash dividend of $0.16 per share on common stock. Get the instant assignment help.

Task

I. Prepare general journal entries for each of the transactions. Identify each transaction by the appropriate letter. (Assume that any cash or share distributions have been completed and are a matter of record before the next transaction occurs.)

II. Compute the following: (i) Number of shares of common stock outstanding after all the transactions have been completed. (ii) The par value per share of LeeJin's common stock after all the transactions have been completed.

Reference no: EM133903726

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