Adam Corp. began operations in the current year. Prepare any required journal entries for the transactions listed
Question:
Adam Corp. began operations in the current year.
Prepare any required journal entries for the transactions listed below.
January 1: Adam Corp., filed its Articles of Incorporation in the State of Delaware with 250,000 shares of authorized $1 par common stock.
January 15: Adam issued 100,000 shares of common stock in exchange for $100,000 cash.
February 20: Adam issued another 100,000 shares of common stock in exchange for $150,000.
April 9: Following a profitable first fiscal quarter, the board of directors voted to approve a 15% dividend on all shares outstanding.
May 9: The date of record for the dividend declared the previous month.
May 23: The payment date for the dividend declared the previous month.
July 15: The company issued a 2-for-1 stock split and restated the par value per share accordingly. August 8: The company repurchased 4,000 shares of its common stock for $20 each.
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