Wheeler Corporation was authorized to issue 100,000 shares of $6 par common stock. During 2016 Wheeler issued
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Question:
Wheeler Corporation was authorized to issue 100,000 shares of $6 par common stock. During 2016 Wheeler issued 20,000 shares at a market price of $9 per share. On December 1, 2016 Wheeler declared a cash dividend of $1.25 per share payable on December 30 to stockholders of record as of December 15.
Required:
a) Prepare the journal entry for the issuance of the 20,000 shares of stock. Assume an issue date of June 30, 2016.
b) Prepare the journal entries necessary on the dividend:
(1) declaration date.
(2) date of record.
(3) payment date.
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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