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Prepare the journal entry to record the issuance of shares

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Question - During its first year of operations, Cupola Fan Corporation issued 47,000 of $1 par Class B shares for $470,000 on June 30, 2018. Share issue costs were $3,200. One year from the issue date (July 1, 2019), the corporation retired 10% of the shares for $48,000.

Required: Prepare the journal entry to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2018, the payment of the dividend on December 31, 2018 and the retirement of the shares.

Reference no: EM132346526

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