Exercise 10-12 (Algo) Record common stock, treasury stock, and cash dividends (L010-2, 10-4, 10-5) Bay Meadows Corporation designs and produces a line of golf equipment and golf apparel. Bay Meadows has 100,000 shares of common stock outstanding as of the beginning of 2024. Bay Meadows has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 Issues 56,000 additional shares of $1 par value common stock for $53 per share. Purchases 5,100 shares of treasury stock for $56 per share. Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,550 shares of treasury stock purchased on May 10 for $61 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Exercise 10-12 (Algo) Record common stock, treasury stock, and cash dividends (L010-2, 10-4, 10-5) Bay Meadows Corporation designs and produces a line of golf equipment and golf apparel. Bay Meadows has 100,000 shares of common stock outstanding as of the beginning of 2024. Bay Meadows has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 Issues 56,000 additional shares of $1 par value common stock for $53 per share. Purchases 5,100 shares of treasury stock for $56 per share. Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,550 shares of treasury stock purchased on May 10 for $61 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 67E: Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its...
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