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Question 2 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 $ 3,000,000 issued and outstanding Paid in capital in excess of par value, common stock - Retained earnings. .400,000 900,000 $4,300,000 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. 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. CLEARLY INDICATE THE DEBITS & CREDITS Example: XYZ Company pays $10.000 cash to purchase land Answer Dr Land 10,000 Ce Cash 10,000 For the toolbar, press ALT-F10 (PC) or ALT+FN+F10 (Mac)