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5.00 points Houghton Company began business on January 1, 2015 by issuing all of its...

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Accounting

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5.00 points Houghton Company began business on January 1, 2015 by issuing all of its 1,200,000 authorized shares of its $2 par value common stock for $23 per share. On June 30, Houghton declared a cash dividend of $1.75 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 240,000 of its own shares of stock for $28 per share. On December 22 Houghton resold 120,000 of these shares for $34 per share. Required a. Prepare all of the necessary journal entries to record the events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cash 27,600,000 2,400,000 25,200,000 Common Stock Additional Paid-in Capital Dividends (Declared) Dividends Payable 2,100,000 2,100,000 Dividends Payable 2,100,000 Cash 2,100,000 Treasury Stock 6,720,000 Cash 6,720,000 Cash 4,080,000 Treasury Stock Additional Paid-in Capital 3,360,000 720,000

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