Lazy Latterns has decided to issue 1,500,000 of the authorized shares of its $2 par...
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Lazy Latterns has decided to issue 1,500,000 of the authorized shares of its $2 par value common stock for $29 per share on January 1. On June 30, Lazy Lanterns declared a cash dividend of $1.00 per share to stockholders of record on July 31. Lazy paid the cash dividend on August 30. On November 1, Lazy reacquired 300,000 of its own shares of stock for $34 per share. On December 22, Lazy resold 150,000 of these shares for $40 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.) Journal entry worksheet 5 Record the issue of 1,500,000 authorized shares of $2 par value for $29 per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of the cash dividends of $1.00 per share. Note: Enter debits before credits. Journal entry worksheet Record the payment of the cash dividends of $1.00 per share. Note: Enter debits before credits. Journal entry worksheet 1 Record the repurchase of 300,000 shares for $34 per share. Note: Enter debits before credits. Journal entry worksheet
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