Banana Corporation had the following shares outstanding as of their balance sheet date September $30,2022$: Preferred stock $(6\%,$ $$75$ par$)1,000,000$ shares; Common stock $($$$1$ par$)50,000,000$ shares.

Journalize the following transactions and events from Banana Corporation's fiscal year $2023$:

$-$ October $15$: the company purchased $300,000$ shares of its common stock at a market price $$48$ per share.

$-$ Novemer $1$: the company declares full dividend on their preferred stock. The record date is December $5$th and the date of payment is December $21$st$.$ The company also declared a cash dividend on common stock of $$0\mathrm{.}40$ per share. The record date December $5$th and the payment is December $21$st$.$

$-$ December $15$: the company sells $50,000$ shares of treasury stock. The sale price is $$45$ per share.

$-$ June $1$: the company declares a $20\%$ common stock dividend, when the market price is $$60$ per share. The record date is June $15,$ the common stock is issued July $1.$

$-$ September $15$: the company sells $150,000$ shares of treasury stock. The sale price is $$78$ per share.

Answer rating: 100% (QA)

To journalize the transactions and events of Banana Corporation for the fiscal year 2023 we will cre... View the full answer