Reference no: EM132527578
Question - Alfred Company began year 2019 with the following balances in its stockholders' equity accounts.
Common Stock-$10 par, 500,000 shares authorized, 200,000 shares issued and outstanding $2,000,000
Paid-in capital in excess of par, common stock 1,000,000
Retaining earnings 5,000,000
Total $8,000,000
All outstanding common stock was issued for $15 per share when the company was created.
Jan. 10 The board declared a $0.10 cash dividend per share to shareholders of record Jan. 28.
Feb. 15 Paid the cash dividend declared on January 10.
Mar. 31 Declared a 20% stock dividend. The market value of the stock is $18 per share.
May 1 Distributed the stock dividend declared on March 31.
July 1 Purchased 30,000 shares of treasury stock at $20 per share.
Sep. 1 Sold 20,000 treasury shares at $26 cash per share.
Dec. 1 Sold the remaining 10,000 shares of treasury stock at $7 cash per share.
Required - Prepare journal entries to account for the aforementioned transactions during year 2019.
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