Sadafco Corporation has 200,000 shares of $1 par value common stock authorized, and 50,000 shares of...

 

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Sadafco Corporation has 200,000 shares of $1 par value common stock authorized, and 50,000 shares of that stock are outstanding. Equity accounts also include 8% preferred stock, $100 par value, non-cumulative, 40,000 shares authorized, 10,000 shares issued and outstanding. Feb. 15 Issued 50,000 shares of common stock at $14 per share. Issued 10,000 shares of preferred stock for $115 per share. Sadafco's board of directors declares a cash dividend of $0.50 per share on its outstanding July 2 Aug. 5 common stock. Sep. 4 Paid the dividends previously declared Sep. 5. Oct. 19 Repurchased 10,000 shares of its common stock for $10 per share. Sold 2,000 shares of treasury stock back to the public at $11 per share Nov. 24 Dec. 25 Announced a 2-for-1 stock split. Dec. 30 Net income for the year is $1,500,000. Instructions: Journalize the stockholders' equity transactions for Sadafco Corporation and the necessary closing entry. Syste Sadafco Corporation has 200,000 shares of $1 par value common stock authorized, and 50,000 shares of that stock are outstanding. Equity accounts also include 8% preferred stock, $100 par value, non-cumulative, 40,000 shares authorized, 10,000 shares issued and outstanding. Feb. 15 Issued 50,000 shares of common stock at $14 per share. Issued 10,000 shares of preferred stock for $115 per share. Sadafco's board of directors declares a cash dividend of $0.50 per share on its outstanding July 2 Aug. 5 common stock. Sep. 4 Paid the dividends previously declared Sep. 5. Oct. 19 Repurchased 10,000 shares of its common stock for $10 per share. Sold 2,000 shares of treasury stock back to the public at $11 per share Nov. 24 Dec. 25 Announced a 2-for-1 stock split. Dec. 30 Net income for the year is $1,500,000. Instructions: Journalize the stockholders' equity transactions for Sadafco Corporation and the necessary closing entry. Syste

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