Journalizing stockholders’ equity transactions [20-25 min]
Dearborn Manufacturing, Co., completed the following transactions during 2012:
Jan 6 | Declared a cash dividend on the 6%, $95 par preferred stock (1,000 shares outstanding). Declared a $0.55 per share dividend on the 90,000 shares of common stock outstanding.The date of record is January 31, and the payment due date is February 15. |
Feb 15 | Paid the cash dividends. |
Jun 10 | Split common stock 2 for 1. Before the split, Dearborn had 90,000 shares of $10 par common stock outstanding. |
Jul 30 | Distributed a 30% stock dividend on the common stock. The market value of the common stock was $12 per share. |
Oct 26 | Purchased 3,000 shares of treasury stock at $10 per share. |
Nov 8 | Sold 1,500 shares of treasury stock for $11 per share. |
Nov30 | Sold 700 shares of treasury stock for $7 per share. |
Requirement
1. Record the transactions in Dearborn’s general journal.
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