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King Mart Corporation began operations on May 1, 2019 and authorized the issuance of 200,000...

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Accounting

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King Mart Corporation began operations on May 1, 2019 and authorized the issuance of 200,000 shares of $5 par value common stock and 10,000 shares of $100 par value, 10% cumulative preferred stock. Wijere necessary prepare the journal entries to record the following transactions (15 mins): May 2: Issued 1,000 shares of common stock at par to the promoters/lawyers for their services. May 3: Issued 50,000 shares of common stock for $12 cash per share. May 4: Issued 10,000 shares of common stock at par for cash. May 5: Declared a cash dividend payable to all stockholders of $61,000. May 10: Date of record is May 10 for the cash dividend declared on May 5 May 15: Paid the cash dividend declared on May 5

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