On January 1, 2025, Oriole Corporation had 85,800 shares of $1 par value common stock issued...

  

Transcribed Image Text:

On January 1, 2025, Oriole Corporation had 85,800 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 100,800 shares of common stock for $756,000. June 1 Declared a cash dividend of $2 per share to stockholders of record on June 15. June 30 Paid the $2 cash dividend. Dec. 1 Purchased 5,600 shares of common stock for the treasury for $18 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $1,032,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is On January 1, 2025, Oriole Corporation had 85,800 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 100,800 shares of common stock for $756,000. June 1 Declared a cash dividend of $2 per share to stockholders of record on June 15. June 30 Paid the $2 cash dividend. Dec. 1 Purchased 5,600 shares of common stock for the treasury for $18 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2025 totaled $1,032,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is

Answer rating: 100% (QA)

To analyze the transactions and their impact on the companys financial statements we can break down each transaction 1 Issued 100800 shares of common ... View the full answer