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Journalize the issuance of stock on july

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Reference no: EM132802652

Problem 1: Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15.

Information:

  • On January 1, 2020, Raleish Corporation had $2,000,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,000,000. The company issued 200,000 shares of common stock at $12 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Raleish Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $500,000.

Reference no: EM132802652

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