Journal entries if necessary to record the above transaction

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Reference no: EM13750006

On January 1, 2013, Micro Machines Corporation had 700,000 shares of $3 par value common stock issued and outstanding. During the year, the following transactions occurred:

June 1 Declared a cash dividend of $1.75 per share to stockholders of record on June 15.

June 30 Paid the cash dividend.

July 1 Announced a 2-for-1 stock split to be distributed on August 1.

Oct. 1 Declared a cash dividend of $0.60 per share.

INSTRUCTIONS

Prepare journal entries if necessary to record the above transactions.

Reference no: EM13750006

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