On January 1, 2025, Entity L had 75,000 shares of $1 par value common stock issued...

 

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On January 1, 2025, Entity L had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 June 1 June 30 Dec. 1 Issued 60,000 shares of common stock for $675,000. Declared a cash dividend of $2.50 per share to stockholders of record on June 15 Paid the $2.50 cash dividend Purchased 900 shares of common stock for the treasury for $18 per share Instructions: Prepare journal entries to record the above transactions. Show your calculations. On January 1, 2025, Entity L had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 June 1 June 30 Dec. 1 Issued 60,000 shares of common stock for $675,000. Declared a cash dividend of $2.50 per share to stockholders of record on June 15 Paid the $2.50 cash dividend Purchased 900 shares of common stock for the treasury for $18 per share Instructions: Prepare journal entries to record the above transactions. Show your calculations.