On January 1, 2017, Tara Corporation issued 60,000 shares of common stock of $1 par value and

outstanding. The following transactions took place during the year:

March 15 Issued 40,000 common shares for $400,000.

May 24 Declared a cash dividend of $1.50 per share to shareholders of record on June 15.

June 30 Paid cash dividend of $1.50 per share.

December 15 Declared a cash dividend of $1.00 per share to shareholders of record on December 31.

December 20 Declared a 10% stock dividend to shareholders of record on December 31, 2016,

distributable on January 20, 2017. The market value of the shares was $12 per share on January 20, 2017.

December 20 and $14 per share on December 31.

Required:

Journalize past Tara Corporation transactions, including the distribution of the stock dividend.

on January 20, 2018.

Answer rating: 100% (QA)

January 1 2017 Common Stock 60000 shares 1 par value Additional Paidin Capital March 15 2017 Cash 40... View the full answer