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Make journal entries to record the transactions

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

Mar. 1 Issued 20,000 shares of common stock for $520,000.

June 1 Declared a cash dividend of $2 per share to stockholders of record on June 15.

July 30 Paid the $2 cash dividend.

Dec. 1 Purchased 4,500 shares of common stock for the treasury for $22 per share.

Dec. 15 Declared a cash dividend on outstanding shares of $2.20 per share to stockholders of record on December 31.

Required - Make journal entries to record the above transactions.

Reference no: EM133148167

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