Problem 1 Part A Altima Corp. had the following transactions for this year. Prepare journal entries for each transaction a. On March 15, Altima Corp. purchased 3,000 shares of their own stock on the open market for $12 cash per share. b. On July 10, Altima corp. re-issued 2,000 shares of treasury stock for $14 per share c. On October 31, Altima Corp. re-issued 1,000 shares of treasury stock for $11 per share. Journal entries: Delt Credit Date Description Mar 15 July 10 Oct 31 Part B A corporation had 25,000 shares of $5 par value common stock outstanding on August 1. Later that day, the board of directors declared a 15% stock dividend when the market value of each share was $27. The dividend is to be paid on September 15th to the shareholders of record on August 31st. The entry to record this dividend on the date of declaration is? Debit Common Stock Dividend Distributable for $101,250; Credit Retained Earnings for $101,250 Debit Retained Earnings for S101250: Credit Common Stock Dividend Distributable for S101250 Debit Retained Earnings for $101,250; Credit Common Stock Dividend Distributable for $18,750; C and Credit Paid In Capital in Excess of Par-Common for $82,500 Debit Retained Earnings for $18,750; Credit Common Stock Dividend Distributable for $18,750 Debit Retained Earnings for $18,750; Credit Cash for $18,750