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Determine the number of ordinary shares outstanding

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Reference no: EM132929802

Problem 1 - On June 15, 2018, the Board of Directors of Blue Corporation declared a P3 per ordinary share cash dividend to stockholders of record on June 30, 2018 payable on July 15, 2018. Blue Corporation has 20,000 ordinary shares issued and outstanding.

Required - Prepare the journal entries on the date of declaration and on the date of payment.

Problem 2 - On December 1, 2018, the Board of Directors of Gold Corporation declared a P5 per ordinary share cash dividend to stockholders of record on December 15, 2018 payable on December 31, 2018. Gold Corporation has 20,000 ordinary shares issued. It reacquired 2,000 of these ordinary shares in the market and held them in the treasury.

Required -

A. Determine the number of ordinary shares outstanding.

B. Prepare the journal entries on the date of declaration and on the date of payment.

Reference no: EM132929802

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