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.