5. Want you to record the declaration; 6. record entry; and 7. record cash. Should 5 or 6 be no journal entry? I am confused as to why there are 2 steps here.
Journal entries:
Date | Account title and explanation | Debit | Credit |
Jan 02,2021 | Cash [110,000 x $54] | $5,940,000 | |
Common stock [110,000 x $1 par] | $110,000 | ||
Additional Paid-in capital | $5,830,000 | ||
[Issuance of common stock] | |||
Feb 14,2021 | Cash [44,000 x $12] | $528,000 | |
Preferred stock [44,000 x $10 par] | $440,000 | ||
Additional paid-in capital | $88,000 | ||
[Issuance of preferred stock] | |||
May 8,2021 | Treasury stock [11,000 x $44] | $484,000 | |
Cash | $484,000 | ||
[Repurchas of own shares] | |||
May 31,2021 | Cash [5,500 x $49] | $269,500 | |
Treasury stock [5,500 x $44 cost] | $242,000 | ||
Additional paid-in capital | $27,500 | ||
[Sale of treasury stock] | |||
Dec 01,2021 | Dividends | $73,425 | |
Dividends payable-common stock [104,500 x $0.45] | $47,025 | ||
Dividends payable-preferred stock | $26,400 | ||
[Declaration of cash dividends] | |||
Dec 15,2012 | No Entry on record date | ||
Dec 30,2021 | Dividends payable-common stock | $47,025 | |
Dividends payable-preferred stock | $26,400 | ||
Cash | $73,425 | ||
[Payment of cash dividends] |
Calculations:
Outstanding common shares | |
Jan.2 | 110,000 |
Treasury stock | -11,000 |
Sale of treasury stock | 5,500 |
Balance | 104,500 |
No entry on dividends record date
5. Want you to record the declaration; 6. record entry; and 7. record cash. Should 5 or 6 be no journal entry? I am conf...
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