Reference no: EM131966805

Question - How to make a Journal Entry

1. Corp X is authorized to issue 1,000,000 shares of Common Stock Par $1 No Entry since it was just authorized but not issued.

2. Corporation X issued 500,000 shares of Common Stock Par $1 for $ 8 per share.

3. Corporation X issued 1,500,000 shares of Common Stock Par $1 for $10 per share.

4. Corporation X reacquired 1,000,000 shares of their Common Stock Par $1 for $ 2.

5. Sold 500,000 shares of treasury stock at $8 per share.

6. Paid $ 2,000,000 in cash dividends to common stockholders that was declared last month.

7. Net income for the year $ 800,000.