Exercise $10-9$B Record common stock, treasury stock, and cash dividends $($LO$10-2,10-4,10-5)$

A company designs and produces a line of golf equipment and golf apparel. The company has $100,000$ shares of common stock

outstanding as of the beginning of Year $1.$ The company has the following transactions affecting stockholders' equity in Year $1.$

March $1$ Issues $58,000$ additional shares of $$1$ par value common stock for $$55$ per share.

May $10$ Purchases $5,300$ shares of treasury stock for $$58$ per share.

June $1$ Declares a cash dividend of $$1\mathrm{.}65$ per share to all stockholders of record on June $15.($Hint: Dividends are not paid

treasury stock.$)$

July $1$ Pays the cash dividend declared on June $1.$

October $21$ Resells $2,650$ shares of treasury stock purchased on May $10$ for $$63$ per share.

Required:

Record each of these transactions. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required"

the first account field.$)$

Journal entry worksheet

Record the issuance of $58,000$ additional shares of $$1$ par value common stock

for $$55$ per share.

Note: Enter debits before credits.