general journal entries er Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of commonkoutstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021.1ues 56,000 additional shares of $1 par value common stock for $53 per share.10 Purchases 5,100 shares of treasury stock for $56 per share.1 Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividends are not paid oncasury stock.)1 Pays the cash dividend declared on June 1.Resells 2,550 shares of treasury stock purchased on May 10 for 361 per share.quired:ecord each of these transactions (If no entry is required for a particular transaction/event, select "No Journel Entry Required" ine first account field.)View transaction listJournal entry worksheetRecord the issuance of 56,000 additional shares of s1 par value common stockfor $53 per share.Nate:Enter debits before oreditaDoteGeneral JournalDebitCreditMarch 01 2021

Solution: Journal entries to record the transactions are as under:

rive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of come utstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. 1 lues 56,000 additional shares of $1 par value coemon stock for $53 per share. 10 Purchases 5,100 shares of treasury stock for $56 per share. 1 Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividends are not paid oe easury stock) 1 Pays the cash dividend declared on June 1. Resells 2,550 shares of treasury stock purchased on May 10 for $61 per share. red: d each of these transactions (If no entry is required for a particular transaction/event, select "No Journel Entry Required" in st account field.)

rive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of come utstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. 1 lues 56,000 additional shares of $1 par value coemon stock for $53 per share. 10 Purchases 5,100 shares of treasury stock for $56 per share. 1 Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividends are not paid oe easury stock) 1 Pays the cash dividend declared on June 1. Resells 2,550 shares of treasury stock purchased on May 10 for $61 per share. red: d each of these transactions (If no entry is required for a particular transaction/event, select "No Journel Entry Required" in st 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 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...

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