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Directions: Make the following journal entries/calculations as required. IF NO JOUNRAL ENTRY IS REQUIRED, WRITE “NO...

Directions: Make the following journal entries/calculations as required. IF NO JOUNRAL ENTRY IS REQUIRED, WRITE “NO JOURNAL ENTRY REQUIRED” IN THE SPACE BELOW.

On May 1, 2019, X-oft Corporation (a new corporation) issued 100,000 shares of its common stock for $15 per share. The stock had a par value of $2 per share. (USE THE FOLLOWING INFORMATION FOR PART A)

a) On October 30, 2019, the Board of Directors for X-oft Corporation declared a $.25 per share dividend to be paid December 15, 2019, to all shareholders of record on November 30, 2019. What is the journal entry (if any) to record this event on October 30?

b) On November 30, 2019, the accountants for X-oft Corporation determined who owned the stock for the declared dividend of $.25 per share from October 30 above. What is the journal entry (if any) to record this event?

c)  On November 30, 2019, the accountants for X-oft Corporation determined who owned the stock for the declared dividend of $.25 per share from October 30 above. What is the journal entry (if any) to record this event?

d) Assume that the beginning balance in retained earnings in 2019 was $380,000 and 2019 net income was $47,000. Further assume that the transactions above were the only ones to affect owners’ equity. What is the ending balance of retained earnings at the end of 2019?

e) Calculate the following for X-oft Corporation at 12/31/10:

Number of common shares issued:

Number of common shares outstanding:

f) Assume that on January 15,2020, X-oft Corporation sold the 10,000 shares of Treasury Stock for $15/share. What is the journal entry to record this sale?

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