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Preparation of journal entries for various transactions in corporate.
On 12/31/07, Rich Corporation had the following in the Stockholders' Equity section on the Balance Sheet:
8% Preferred stock, $100 par value, cumulative,
10,000 shares authorized, 7,000 shares issued and outstanding
$700,000
Common Stock, $10 par value, 500,000 shares authorized;
250,000 shares issued and outstanding
2,500,000
Additional paid-in capital-preferred
100,000
Additional paid-in capital-common
1,000,000
Retained Earnings
5,000,000
Total shareholders' Equity
$9,300,000
Prepare the journal entries for the following 2008 transactions. Place your answers below the rest of these questions.
Feb. 1
Issued 50,000 shares of $10 par value common stock for $750,000
April 15
Purchased 4,000 shares of treasury stock for $80,000
May 12
Sold 1,000 shares of treasury stock for $24,000
June 6
Sold the remaining 3,000 shares of treasury stock for $32,000
June 30
Declared dividends of $620,000, payable on 7/28/08 to owners of record on 7/14/08.
July 14
Date of record
July 28
Payment date
Sept. 15
Declared a 10% stock dividend (to common stock holders). The market price on 9/15 was $21 to be distributed on 10/15.
Oct. 15
Distributed the stock dividend.
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