Reference no: EM132849959

Question - Durant Curry Corp. had the following capital structure at January 1, 2020:

$3 Preferred shares, non-cumulative, authorized 100,000 shares, issued 60,000 shares $ 600,000.

Common shares, unlimited authorized shares, issued 400,000 shares 2,400,000.

Contributed surplus, common shares 120,000.

Contributed surplus, common share stock options 400,000.

Contributed surplus, preferred shares 80,000.

Retained earnings 4,650,000.

The following transactions occurred during the year.

January 15 Issued 50,000 common shares at a price of $7.00 per share.

March 31 Paid the preferred share dividends.

April 15 Issued 100,000 common shares at $8.00 per share.

May 31 Repurchased 30,000 shares at a price of $8.50 per share.

September 1 Issued a 20% stock dividend at a time when the market price of the common shares was $6.80 per share.

November 30 Repurchased 100,000 common shares at a price of $7.20 per share.

Required - Prepare necessary journal entries to account for the 2020 transactions?