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Journalize the transactions for Tara Corporation

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Question - On January 1, 2020, Tara Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar. 15 Issued 40,000 shares of common stock for $400,000.

May 24 Declared a cash dividend of $1.50 per share to stockholders of record on June 15.

June 30 Paid the $1.50 per share cash dividend.

Dec. 15 Declared a cash dividend of $1.00 per share to stockholders of record on December 31.

Dec. 20 Declared a 10% stock dividend to stockholders of record on December 31, 2020, distributable on January 20, 2021. The market value of the stock was $12 per share on December 20 and $14 per share on December 31.

Required - Journalize the above transactions for Tara Corporation including the distribution of the stock dividend on January 20, 2021.

Reference no: EM132654127

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