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Dominica Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020,...

Dominica Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 400,000 shares of stock at $7 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $9 per share. Journalize the transactions for Dominica Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Credit

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Answer #1
Date Particulars Debit Credit
15-Jan Cash $ 2,800,000.00 (400000 x $ 7)
To Common Stock $    400,000.00 (400000 x $ 1)
To PIC in excess of par $ 2,400,000.00 (400000 x $ 6)
(Issue of common stock at a price higher than the par value)
5-Sep Treasury Stock $    270,000.00
To Cash $    270,000.00
(30000 x $ 9)
(purchase of common stock for the treasury)
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