ACC113

Question 4 7.5 points Save Answer (7.5 Grades) Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020: - Common stock, $10 par, 50,000 shares authorized, 30,000 shares issued and outstanding $ 300,000 - Paid in Capital in Excess of Par Value, Common Stock 200,000 - Retained Earnings 500,000 The following transactions occurred during 2021: 1. Feb. 20 Purchased 2,000 of its own shares for $ 18 per share. 2 March 10 Declared a $2 per share cash dividend on the outstanding common stock. 3 April 07 Paid the cash dividends declared early in March 10 4. May 20 Sold all treasury shares for $19 each. 5 Oct 1. Declared 10% stock dividends on the outstanding common stock for the record of Nov. 1 and to be distributed on Dec. 10, The market value of stock on Oct. 1 was $14 per share. 6. Dec 10 Distributed the shares which declared on Oct 1. 7 Dec 25 Implemented a 2-for-1 stock split, when the market value of stock was $26 per share. NOTE: If there is no entry, please write: "NO EN TRY" Required: Prepare Journal entries to record transactions that occurred during 2021 CLEARLY INDICATE THE DEBITS & CREDITS Example on 1 January 2020, XYZ Company pays $10,000 cash to purchase land Answer 1/1/2020 Dr Land 10,000 Cr Cash 10 000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I US Paragraph Arial 10pt : Ev A T 4 da 6 = = = = > x? X2 [+ RE r