Reference no: EM132796472
Horner Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value and authorize to issue 50,000 10% preference shares with a $50 par value. During 2018, its first year of operation, the company has the following share transactions.
Jan 1
Issued 500,000 ordinary shares at $10 per share.
Feb 5
Issued 10,000 shares of preference shares at $52 per share.
Mar 10
Purchased for cash 10,000 treasury shares at a price of $10 per share.
Apr 15
Reissued 5,000 treasury shares at a price of $12 per share.
July 15
The board of directors declared a $0.2 per share dividends to ordinary shareholders, and 10% dividends to preference shareholders of record on August 1, 2018, payable on August 15, 2018.
Oct 30
Reissued 5,000 shares of treasury shares at a price of $6 per share.
Nov 1
The board of directors declared a 5% stock dividend on the ordinary shares, payable November 30, 2018, the market price of shares was $10 per share.
Problem 1: Prepare the journal entry to record the transactions for Horner Corporation.
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