Problem 2. Corporations. JOURNALIZE THE FOLLOWING ENTRIES DELTA Corporation was organized on January 30, 2012...
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Problem 2. Corporations. JOURNALIZE THE FOLLOWING ENTRIES DELTA Corporation was organized on January 30, 2012 with an authorization of 200,000 share of $20. 30 points par common stock The following selected transactions were completed during the first year of operations. Jan 30. Issued 10,000 shares of common stock at par for cash. Feb 2. Issued 20,000 shares at the market price of $25 Feb 16. Land for $100,000, paying $50,000 in cash and issuing 2,000 shares of Common stock for the balance of the equipment. Mar. 5 Purchased 2,000 shares of treasury stock at $30. April 10. Sold s00 shares of treasury stock at $35 ril 29 Sold 1,000 shares of treasury stock at $31 Ap May 1. May 31, Dividends declared May 1, were paid. A cash dividend of $3 per share was declared. June 30, Declared a 4% stock dividend on the common stock outstanding (the fair m Value of the stock to be issued is $28). Aug. 6. Issued the certificates for the common stock dividend declared on June 30h
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