Reference no: EM132693509

Problem - On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts.

Common Stock ($10 par value, 60,000 shares issued and outstanding) $600,000

Paid-in Capital in Excess of Par-Common Stock 500,000

Retained Earnings 620,000

Journalize the following transactions using the information above if necessary:

Jan 15 Declared a $1.05 cash dividend per share to shareholders.

Jan 31 Declared a 10% stock dividend. The market price of the stock was $14 per share.

Feb 15 The cash dividend was paid to shareholders of record from January 15.

Feb 28 The stock was issued to shareholders of record from January 31.

Apr 1 Issued 2,000 shares of common stock for land appraised at $55,000. The stock was actively traded on national stock exchange at approximately $22 per share on the date of issuance.