Item 1: On January 1, 2024, Entity L had 40,000 shares of $1 par value...
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Accounting
Item 1: On January 1, 2024, Entity L had 40,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 33,000 shares of common stock at $11 per share. June 1 Declared a cash dividend of $1.80 per share to stockholders of record on June 15 June 30 Paid the $1.80 cash dividend Dec. 1 Purchased 1,200 shares of common stock for the treasury for $22 per share
Instructions: Prepare journal entries to record the above transactions. Show your calculations.
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