Racette Corporation has 400,000 shares of $4 par value common stock issued and outstanding Record the following entries into the general journal for Racette 201X July 2 Declared a cash dividend of $0 75 per share Aug 1 Paid the $0 75 cash dividend to the stockholders 4 Declared a 7 stock dividend T...

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Racette Corporation has 400,000 shares of $4 par value common

Racette Corporation has 400,000 shares of $4 par value common stock issued and outstanding. Record the following

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Racette Corporation has 400,000 shares of $4 par value common stock issued and outstanding. Record the following entries into the general journal for Racette:

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
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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201X July 2 Declared a cash dividend of $0.75 per share. Aug. 1 Paid the $0.75 cash dividend to the stockholders. 4 Declared a 7% stock dividend. The current market price is $12 per share. Sept. 12 Issued the stock dividend declared on August 4. Oct. 1 Dedared a 10% stock dividend. The aurrent market price is $15 per share. Nov. 2 Issued the stock dividend on October 1.

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RACETTE CORPORATION GENERAL JOURNAL PAGE 4 Date 201X Account Titles ...View the full answer

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Question Posted: Mar 03, 2020 07:13 AM

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