15. A corporation issues 8,000 shares of its $1 par value common stock to provide...
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Accounting
15. A corporation issues 8,000 shares of its $1 par value common stock to provide funds for further expansion. The issue price is $50 per share. What journal entry should be made to record this transaction?
16. A corporation issues 2,000 shares of its $2 par value preferred stock for cash at $60 per share. What journal entry should be made to record this transaction?
17. A company purchased 500 shares of its own $1 par value common stock at $24 per share. What journal entry should be made to record this transaction
18. Galveston Corporations ending balance of Retained Earnings increased by $2 million from the beginning of the year. The companys net income for the year was $3.1 million. What is the amount of dividends that were declared and paid? (Hint: Recall that only two items impact the Retained Earnings account: net income and dividends.)
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