Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. - Common stock;...

 

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Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. - Common stock; $10 par value; 700,000 shares authorized; 300,000 shares issued and outstanding. - Paid in capital in excess of par value, common stock - Retained earnings... Total The Corporation completed the following transactions in 2021. - Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. Mar 01, Purchased 30,000 shares of its own common for $15 per share. Mar. 31, Paid the cash dividend declared on Jan. 10. - May 01, Sold 10,000 of its treasury shares at $15 cash per share. Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. $ 3,000,000 400,000 ,900,000 $4,300,000 - Nov 01, Distributed stock dividends declared on Sep. 30.. Nov 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for 2021. Example: XYZ Company pays $10,000 cash to purchase land Answer. Dr. Land 10,000 Cr. Cash 10,000 For the toolbar. press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial CLEARLY INDICATE THE DEBITS & CREDITS 10pt !!! EYA N I 26 Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. - Common stock; $10 par value; 700,000 shares authorized; 300,000 shares issued and outstanding. - Paid in capital in excess of par value, common stock - Retained earnings... Total The Corporation completed the following transactions in 2021. - Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. Mar 01, Purchased 30,000 shares of its own common for $15 per share. Mar. 31, Paid the cash dividend declared on Jan. 10. - May 01, Sold 10,000 of its treasury shares at $15 cash per share. Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. $ 3,000,000 400,000 ,900,000 $4,300,000 - Nov 01, Distributed stock dividends declared on Sep. 30.. Nov 15, The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of these transactions for 2021. Example: XYZ Company pays $10,000 cash to purchase land Answer. Dr. Land 10,000 Cr. Cash 10,000 For the toolbar. press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial CLEARLY INDICATE THE DEBITS & CREDITS 10pt !!! EYA N I 26

Answer rating: 100% (QA)

Step 1 Note treasury shares do not entitle to stock dividend On 30 September 30 stock dividend decla... View the full answer