Question

On January 1, Ayayai Corp. had 61,000 shares of no-par common stock issued and outstanding. The...

On January 1, Ayayai Corp. had 61,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred.

Apr. 1 Issued 9,450 additional shares of common stock for $11 per share.
June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30.
July 10 Paid the $1.50 cash dividend.
Dec. 1 Issued 4,200 additional shares of common stock for $11 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $1.60 per share to stockholders of record on December 31.

Homework Answers

Answer #1
Date Accounts Name Debit Credit
1-Apr Cash ( 9450 * 11 ) 103950
    Common stock ( 9450*4) 37800
paid in capital in excess of par - common (9450 *(11-4) ) 66150
15-Jun retained Earnings ( 61000+9450)*(1.5) 105675
     dividend payable 105675
10-Jul Dividends payable 105675
              Cash 105675
1-Dec Cash ( 4200 * 11 ) 46200
    Common stock ( 4200*4) 16800
paid in capital in excess of par - common (4200 *(11-4) ) 29400
15-Dec retained Earnings ( 61000+9450+4200)*(1.60) 119440
     dividend payable 119440
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