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Record the declaration and payment of the dividend

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Problem 1. Issued 38,000 shares of $5 par common stock at $8 per share. Record the stock issue in general journal form.

Problem 2. Issued 550 shares of $5 par common stock for legal services incurred in organizing the corporation

Problem 3. Young Industries currently has 10,000 of $5 par common stock outstanding. On June 30, 2005, the directors authorized a .75 cent per share dividend to be paid on July 25, 2005. Record the declaration and payment of the dividend.

Reference no: EM132887484

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