Question

On January 1, Blossom Corporation had 93,000 shares of no-par common stock issued and outstanding. The...

On January 1, Blossom Corporation had 93,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occurred. Apr. 1 Issued 30,000 additional shares of common stock for $16 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 1,500 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31. (a) Prepare the entries to record these transactions.

Homework Answers

Answer #1

Journal entries

Date General Journal Debit Credit
Apr 1 Cash (30000*16) 480000
Common Stock (30000*7) 210000
Paid in capital in excess of stated value-Common Stock 270000
June 15 Cash dividend (123000*1) 123000
Dividend payable 123000
July 10 Dividend payable 123000
Cash 123000
Dec 1 Cash (1500*19) 28500
Common Stock (1500*7) 10500
Paid in capital in excess of stated value-Common Stock 18000
Dec 15 Cash dividend (124500*2) 249000
Dividend payable 249000
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