Prepare journal entries for each transaction

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Recording Journal Entries

Lightning Fast Computer Company recently began operations and had the following transactions related to common stock. Prepare journal entries for each transaction.

a. 16,000 shares of $2 par value common stock were sold at a price of $25 a share.

b. 1,500 shares of common stock were reacquired by the issuing firm at $45 per share.

c. A dividend of $6 per share was declared and paid.

d. a 10% stock dividend was declared and distributed when the market price per share was $40.

Reference no: EM1314187

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