Question: I need help with this homework problem relating to journal entries of investments! On January 1, 2015, Thomson Inc. had the following account balances in

I need help with this homework problem relating to journal entries of investments!

On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts.

Common stock, $1 par, 250,000 shares issued of

which 3,000 Shares being held as treasury stock$250,000

Paid-in capital excess of par, common500,000

Preferred stock, $100 par, 10,000 shares outstanding1,000,000

Paid-in capital excess of par, preferred 100,000

Retained earnings2,000,000

Treasury stock, at cost, 3,000 shares 15,000

During 2015, Thomson Inc. had several transactions relating to common stock.

3/20Reissued 2,000 shares of treasury stock at $7 per share.

4/17Declared a 2 for 1 stock split on common stock effective 4/24.

7/18Declared and distributed a 5% stock dividend on outstanding common stock; market value per share, $8.

11/1 Declared a ten cent per share cash dividend on the outstanding common shares.

11/25Ex-dividend date for the cash dividend.

11/29Date of record for the cash dividend.

12/20Paid the cash dividend declared on 11/1.

Required:

Record the above transactions and events in the journal entry format.

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