Reference no: EM133005102

Question - Ace ManufacturingTransactions:

2019 - Ace Manufacturing issued the following stock for cash:

Jan. 1 - Preferred stock 10 000 shares @ $100 per share.

Jan. 15 - Common stock 100 000 shares @ $20.

Jun. 1 - They declared a cash dividend of $2 on the preferred stock.

Jun. 30 - They paid the preferred cash dividend.

Dec. 31 - They closed the dividend account.

2020 - Jan. 15 - They declared a stock dividend of 10% for the common stock, and the current market price was $30.

Feb. 30 - They issued the common stock dividend.

Dec. 31 - They closed the dividend account.

2021 - Mar. 1 - The common stock was now worth $100, so they split it in half.

Required -

A) Complete the above transactions in the general journal

B) Based on the March 1 transaction, what is the number of outstanding common stock shares on March 31, 2020?