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On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 25,000 shares of common stock for $550,000.June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15.June 30 Paid the $2.00 cash dividend.Dec. 1 Purchased 5,000 shares of common stock for the treasury for $22 per share.Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.
Instructions
Prepare journal entries to record the above transactions.
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
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