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Make journal entries to record transactions for january

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Reference no: EM132602869

Item 1: On January 1, 2021, Entity L had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar. 1 Issued 90,000 shares of common stock for $675,000

June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15

June 30 Paid the $2.00 cash dividend

Dec. 1 Purchased 5,000 shares of common stock for the treasury for $18 per share

Instructions:

Question 1: Prepare journal entries to record the above transactions.

Reference no: EM132602869

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