Question

Journalize Sidestep​'s transactions in​ b, c,​ d, and e. Explanations are not required. ​

Issuance of 44million shares of common stock for $14.50per share.Common stock, $3.00 par value per share,29 million shares issued $87Net​ income, $441million, Issuance of 44 million shares of common stock for $14.50per sharePurchase of 22million shares of treasury stock for $ 28millionSold 11million of the treasury shares purchased in part c for $ 15MillionDeclaration and payment of cash dividends of $ 37million.

Common stock, $3.00 par value per share,
29 million shares issued. . . . . . . . . . . . . . . . . .	$87
Paid-in capital in excess of par value	44
Retained earnings	250
Treasury stock, at cost	(100)
Total stockholders' equity	$281

Answer 1

Journal Entry ( $ in Million)
S. No.	Account Tittle	Debit	Credit
b	Cash (44m SharesX $14.50)	$638.00
	Common Stock (44MX $3)		$132.00
	Paid up Value in Excess of Par- Common Stock (bf)		$506.00
	TO Record iSsuance of Common Stock
c	Treasury Stock	$28.00
	Cash		$28.00
	TO Record Purchase of Treasury Stock
d	Cash	$15.00
	Treasury Stock (28/22X 11)		$14.00
	Paid up Value in Excess of Par - Treasury Stock(bf)		$1.00
	To Record Sell of Treasury Stock
e	Retained Earning	$37.00
	Dividend Payable		$37.00
	TO Record Dividend Declaeration
	Dividend Payable	$37.00
	Cash		$37.00
	To Record Payment of Dividend