On Jan. 1, 2020 the shareholders’ equity section of Dahli Ltd. is as follows: Contributed Capital Common shares, unlimited authorized, 100,000 isssued & outstanding $ 800,000 Retained Earnings $1,080,000 Dahli Ltd. completed the following transactions during 2020:

Jan 10 Purchased and retired 20,000 shares at $12 per share.

Mar 2 Declared and paid $1.50 per share cash dividend.

Apr 4 20% share dividend declared & distributed, market price $14 per share.

Apr 9 Share split 3:1. Market price $15 per share.

May 1 A cash dividend of $1.10 per share was declared by the board of directors to shareholders of record on May 20, payable June 1

Required: 

Prepare all the required journal entries up to and including May 20th. If a transaction requires “NO ENTRY” you must state this with the corresponding date in order to get any of these mark(s).

Answer rating: 100% (QA)

Journal entries Date Particulars Debit Credit Jan 10 Treasury stock 2000... View the full answer