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Question - On January 1, 2018, Elkhardt Corporation had 83,000 common shares, recorded at $556,000, and retained earnings of $1,055,000. During the year, the following transactions occurred:

Apr. 2 Issued 4,800 common shares at $20 per share.

June 15 Declared a cash dividend of $0.35 per share to common shareholders of record on June 30, payable on July 10.

Aug. 21 Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $22 a share on August 21, $24 on September 5, and $26 on September 20.

Nov. 1 Issued 2,900 common shares at 525 per share.

Dec. 20 Declared a cash dividend of $0.40 per share to common shareholders of record on December 31, payable on January 10.

Required - Record the above transactions for 2018.

Reference no: EM132351181

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