Accounting question. Please help!

Mar 3rd, 2015
SoccerBoss
Category:
Accounting
Price: $5 USD

Question description

On January 1, 2014, 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 5.    

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.  

 

Prepare the appropriate journal entries for the transactions of Magnus Corporation detailed above. Omit Explanations. Please skip a line between each entry.

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