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On January 1, 2014, Calvin Corporation already has 100,000 shares of $2 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued an additional...

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On January 1, 2014, Calvin Corporation already has 100,000 shares of $2 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued an additional 50,000 shares of common stock for $700,000. June 1 declared a cash dividend of $2.00 per share to Stockholders of record on June 15. June 30 paid the $2.00 cash dividend. July 15 Declared a 2 for I stock split. Dec. 1 Purchased 10,000 shares of common stock for the treasury for $15 per share. Dec. 15 declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 29. Dec. 31 Close net income to retained earnings. Net income for 2014 amounted to $500,000. INSTRUCTIONS Prepare journal entries - IN GOOD FORM - to record the above transactions. If no entry is required indicate that "no entry is required".
Answered Same Day Jan 02, 2022

Solution

David answered on Jan 02 2022
111 Votes
Question:
On January 1, 2014, Calvin Corporation already has 100,000 shares of $2 parvalue
common stock issued and outstanding. During the year, the following transactions
occu
ed:
Mar. 1 Issued an additional 50,000 shares of common stock for $700,000.
June 1 Declared a cash dividend of $2.00 per share to Stockholders of record on
June 15.
June 30 Paid the $2.00 cash dividend.
July 15 Declared a 2 for I stock split.
Dec. 1 Purchased 10,000 shares of common stock for the treasury for $15 per
share.
Dec. 15...
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