Context corporation reports the following components of

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Reference no: EM13612785

Context Corporation reports the following components of stockholders' equity on December 31, 2011. Common stock-$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 600,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 460,000 Total stockholders' equity $ 1,130,000 In year 2012, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $19 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 4.value: 12.00 points

Required: 1. Prepare journal entries to record each of these transactions for 2012. (Omit the "tiny_mce_markerquot; sign in your response.)

Reference no: EM13612785

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