Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the

Question:

Patrick is authorized to issue 1,000,000 shares of $1 common stock. During 2014, the company has the following stock transactions.
Jan. 15 Issued 700,000 shares of stock at $7 per share.
Sept. 5 Purchased 20,000 shares of for the treasury at $8 per share.
Dec. 6 Declared a $0.50 per share to stockholders of record on December 20, payable January 3, 2015.
Journalize the transactions for Patrick Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
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A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their... Par Value
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