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Prepare entries in journal form to record the transactions

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Question - Waterway Company has the following stockholders' equity accounts at December 31, 2020.

Common Stock ($100 par value, authorized 7,900 shares) $490,800

Retained Earnings 273,600

Required - Prepare entries in journal form to record the following transactions, which took place during 2021.

(1) 270 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)

(2) A $22 per share cash dividend was declared.

(3) The dividend declared in (2) above was paid.

(4) The treasury shares purchased in (1) above were resold at $102 per share.

(5) 470 shares of outstanding stock were purchased at $104 per share.

(6) 320 of the shares purchased in (5) above were resold at $96 per share.

Reference no: EM132653946

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