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  3. houghton company began business on january 1, 2015

Houghton Company began business on January 1, 2015 by issuing all of its 1,950,000 authorized...

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Houghton Company began business on January 1, 2015 by issuing all of its 1,950,000 authorized shares of its $1 par value common stock for $38 per share. On June 30, Houghton declared a cash dividend of $1.25 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 390,000 of its own shares of stock for $43 per share. On December 22, Houghton resold 195,000 of these shares for $49 per share Required: a. Prepare all of the necessary journal entries to record the events described above. (If no entry is required for a transaction/event, select No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 Record the issue of 1,950,000 authorized shares of $1 par value for $38 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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