Reference no: EM132773598
Issuance of stock and Dividends
Horner Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value and authorize to issue 50,000 10% preference shares with a $50 par value. During 2018, its first year of operation, the company has the following share transactions.
Jan 1 Issued 500,000 ordinary shares at $10 per share.
Feb 5 Issued 10,000 shares of preference shares at $52 per share.
Mar 10 Purchased for cash 10,000 treasury shares at a price of $10 per share.
Apr 15 Reissued 5,000 treasury shares at a price of $12 per share.
July 15 The board of directors declared a $0.2 per share dividends to ordinary shareholders, and 10% dividends to preference shareholders of record on August 1, 2018, payable on August 15, 2018.
Aug 15 Payable on August 15, 2018.
Oct 30 Reissued 5,000 shares of treasury shares at a price of $6 per share.
Nov 1 The board of directors declared a 5% stock dividend on the ordinary shares, payable November 30, 2018, the market price of shares was $10 per share.
Nov 30 5% stock dividend on the ordinary shares, payable November 30, 2018.
Problem 1: Prepare the journal entry to record the transactions for Horner Corporation.
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