During 2018, Thomson Inc. had several transactions relating to common stock.
2/10
Declared a property dividend, payable in Welch company stock. The Welch stock had been purchased early in 2017 for $30,000 and was reported as an asset at a fair value of $35,000 on 12/31/17 balance sheet. The market value of Welch stock is $38,000 on 2/10/18.
3/17
Distributed the property dividend.
3/20
Reissued 5,000 shares of treasury stock at $5 per share.
4/17
Declared a 3 for 1 stock split on common stock effective 4/24.
7/18
Declared and distributed a 10% stock dividend on outstanding common stock; market value per share, $7.
11/1
Declared a $0.5 per share cash dividend on the outstanding common shares.
11/25
Ex-dividend date for the cash dividend
11/29
Date of record for the cash dividend.
12/20
Paid the cash dividend declared on 11/1.
Required:
Record the above transactions and events in the journal entry format.
Answer & Explanation
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