Entries to record the selected transactions

Reference no: EM13256523

Present entries to record the following selected transactions completed during the current fiscal year:

Feb. 1

The board ofdirectors reduced the par of common shares from $50 to$10. This action increased the number ofoutstanding shares to 250,000.

Purchased 15,000shares of own stock at $10, recording the treasury stock atcost.

May 1

Declared adividend of $3 per share on the outstanding shares of commonstock.

May 10

Sold 10,000 sharesfrom the repurchase on Feb 11, for $8 per share.

Paid the dividenddeclared on May 1.

Oct. 19

Declared a 3%stock dividend on the common stock outstanding (the fair marketvalue of the stock to be issued is $40).

Nov. 12

Issued thecertificates for the common stock dividend declared on October19.

Dec 1

Declared adividend of $1.5 per share on the outstanding shares of commonstock.

Reference no: EM13256523

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