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Make the journal entry to record the issuance of the share

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During its first year of operations, Cupola Fan Corporation issued 42,000 of $1 par Class B shares for $445,000 on June 30, 2018. Share issue costs were $2,700. One year from the issue date (July 1, 2019), the corporation retired 10% of the shares for $45,500.

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Question 1: Prepare the journal entry to record the issuance of the shares, the declaration of a $2.10 per share dividend on December 1, 2018, the payment of the dividend on December 31, 2018 and the retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM132486213

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