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On January 1,2017, Browning Corporation had 75,000 shares of $1 par value common stock issued...

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Accounting

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On January 1,2017, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar.1 Issued 90,000 shares of common stock for $675,000. June 1 Declared a cash dividend of $2,00 per share to stockholders of record on June 15. June 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 5,000 shares of common stock for the treasury for $18 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31. Net income for 2017 amounted to $951,000. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the probiem. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.) Prepare fournal entries to record the above transactions. (Credit account tities are autornotically indented when the amount is entered. Do not indent manuolly. Record journal entries in the order precented in the problem If no entry is required, yelect "No Entry" for the account bitles and enter ofor the amounts)

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