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Entries for Selected Corporate Transactions Common Stock, $10 stated value (700,000 shares authorized, 460,000...

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Accounting

Entries for Selected Corporate Transactions
Common Stock, $10 stated value (700,000 shares authorized, 460,000 shares issued)
$4,600,000
850,000
10,440,000
690,000
Paid-In Capital in Excess of Stated Value-Common Stock
Retained Earnings
Treasury Stock shares, at a cost of $15 per share)
The following selected transactions occurred during the year:
of the preceding fiscal year for $57,960.
Apr. 10. Issued 85,000 shares of common stock for $18 per share.
June 6. Sold all of the treasury stock for $828,000.
July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share.
Aug. 15. Issued the certificates for the dividend declared on July 5.
Nov. 23. Purchased 29,000 shares of treasury stock for $580,000.
Dec. 28. Declared a $0.17-per-share dividend on common stock.
Closed the two dividends accounts to Retained Earnings.
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