DatWhiteMexican
Dec 9, 2012, 04:58 PM
1) Vincent Corporation has 97,000 share of $105 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $115 a share on June 30.
Journalize the entries required on June 30.
Journalize the entries required on July 15.
Journalize the entries required on July 30.
2) On April to a corporation purchased for cash 7,000 shares of its own $13 par common stock at $26 a share. They sold 4,000 of the treasury shares at $29 a share on June 15. The remaining 3,000 shares were sold on November 10 for $22 a share.
a. Journalize the entries to record the purchase (treasury stock is recorded at cost)
b. Journalize the entries to record the sale of the stock.
Journalize the entries required on June 30.
Journalize the entries required on July 15.
Journalize the entries required on July 30.
2) On April to a corporation purchased for cash 7,000 shares of its own $13 par common stock at $26 a share. They sold 4,000 of the treasury shares at $29 a share on June 15. The remaining 3,000 shares were sold on November 10 for $22 a share.
a. Journalize the entries to record the purchase (treasury stock is recorded at cost)
b. Journalize the entries to record the sale of the stock.