Homework Answers
1. Authorized number of shares in Year 1: 1,000,000
2. Event in Year 2: Issuance of 400,000 shares
3. Event in Year 3: Purchase of 100,000 shares as treasury stock
4. Event in Year 4: Sale of 50,000 treasury shares
5. The authorized number of shares over the entire five-year period remained unchanged at 1,000,000.
6.
| Date | General Journal | Debit | Credit |
| Year 5 | |||
| December 1 | Cash dividends (450,000 x $2) | 900000 | |
| Dividends payable | 900000 | ||
| (To record declaration of dividends) | |||
| December 15 | No journal entry required | ||
| December 31 | Dividends payable | 900000 | |
| Cash | 900000 | ||
| (To record payment of dividends declared) |
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