Prepare journal entries in good form for the transactions

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Reference no: EM131464276

The following events occurred during 2016 for Titus Corporation and have not been recorded

1/10/2016 – Issued 200,000 shares of stock at $16 per share.

1/25/2016 – The law firm that helped the company incorporate and file all forms for the stock issue accepts 1,000 shares of newly issued stock in lieu of cash for its legal bill rendered. The amount of the legal bill was $20,000.

6/10/2016 – Titus Corporation declares a 50 cent per share dividend payable July 15 to shareholders of record as of June 30, 2016.

6/30/2016 – The record date for the dividend declared on June 10.

7/15/2016 – The dividend declared on June 10 is paid.

9/15/2016 – Titus Corporation declares a 10% stock dividend payable on September 30 to shareholders of record as of September 20. The market value of the stock was $15 immediately prior to the declaration of the stock dividend.

9/30/2016 – The stock dividend declared on September 15 is paid.

10/15/2016 – Titus Corporation buys 5,000 shares of its own stock on the open market for $18 per share.

12/18/2016 – Titus Corporation resells 2,000 shares of the treasury stock for $20 per share.

Requirements:

Prepare journal entries in good form for the transactions listed above

Reference no: EM131464276

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