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Prepare the necessary journal entries

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Question - The following transactions occurred for a new company that had common stock with par value of $7.

Prepare the necessary journal entries.

a) The first 5,000 shares of its common stock are issued for $12 per share in cash.

b) Another 200 shares of common stock is issued for equipment that is valued at $6,200.

c) The board of directors declares a $3 per share cash dividend.

d) All dividends are paid.

e) A 10% stock dividend is declared and immediately issued. The market price of the stock is $16.

f) The next month a 40% stock dividend is declared and immediately issued. The market price has risen to $50 per share.

Reference no: EM133088037

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