Question: Problem #1 - STOCK TRANSACTIONS A Corporation reported stockholders' equity on December 31, 2017 as follows: $5,000,000 Common stock, $10 par value, 1,000,000 shares authorized,

Problem #1 - STOCK TRANSACTIONS A Corporation reported stockholders' equity on

Problem #1 - STOCK TRANSACTIONS A Corporation reported stockholders' equity on December 31, 2017 as follows: $5,000,000 Common stock, $10 par value, 1,000,000 shares authorized, 500,000 shares issued Paid-in capital in excess of par, common stock Retained earnings $2,500,000 $3,000,000 The following selected transactions occurred during 2018r: February 15 March 20 May 1 The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $20 per share. Distributed the stock dividend. A cash dividend of $0.30 per share was declared by the board of directors to stockholders of record on May 20, payable June 1. Paid the cash dividend. A cash dividend of $0.40 per share was declared by the board of directors to stockholders of record on November 20, payable December 1 Paid the cash dividend. June 1 November 1 December 1 The following selected transactions occurred during 2019: January 10 April 15 July 15 Aug. 20 Sept. 1 Reacquired 10,000 shares of its own $10 par value common stock at $25 cash per share. The stock was originally issued at $15 per share Sold 2,000 shares of the treasury stock acquired on January 10 at $20 cash per share. Sold 3,000 shares of the treasury stock acquired on January 10 at $40 cash per share. The board decided to split the stock 2-for-1, effective on September 1. Stock split 2-for-1. Record these transactions in general journal form on the next page. SHOW YOUR WORK. 50,000 0.05)= 25,000 (20) = 50000

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