Reference no: EM133246996

Presented below is selected information related to Rapid Signal 5G Cable Company for the 2020 year:

1. April 1, 2020: The company is granted a charter that authorizes issuing, over time, 50,000 shares of 4% $50 par value non-cumulative preferred stock, and 300,000 shares of $5 par value common stock.

2. April 10, 2020: 20,000 shares of common stock were initially issued for a combined value totaling $750,000 determined as follows: land with an appraised value of $450,000 and cash of $300,000. 

3. July 1, 2020: 10,000 shares of preferred stock were issued for cash at $65 per share.

4. August 1, 2020: An additional 60,000 shares of common stock were issued for $40 per share. 

5. September 1, 2020: The board of directors authorized and declared an 8% Common Stock Dividend to be distributed in 30 days. On the day of declaration, the stock was trading among outside investors in the market at $37 per share.

6. October 1, 2020: The common stock dividend was distributed. 

Instructions

Prepare the general journal entries necessary to record the above events.