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On January 1, 2020, Swifty Corporation had 79,000 shares of $1 par value common stock...

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Accounting

On January 1, 2020, Swifty Corporation had 79,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar. 1 Issued 91,000 shares of common stock for $603,000.
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
June 30 Paid the $2.00 cash dividend.
Dec. 1 Purchased 9,000 shares of common stock for the treasury for $19 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31.

Net income for 2020 amounted to $978,000. Prepare journal entries to record the above transactions.

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