On January $1,2020,$ the equity section of Seacosh Co$.$ shows share capital$-$ordinary $($ $$1$ par

value$)$ $$500,000,$ share premium$-$ordinary $$100,000$; retained earnings $$120,000.$ Prepare

the journal entries for each of the following transactions during the year. $(30\%)$

Apr. $1$ Issued $60,000$ additional ordinary shares for $$480,000.$

June $15$ Declared a cash dividend of $$1$ per share to shareholders of record on June $30.$

July $10$ Paid the cash dividends.

Sept. $1$ Purchased $2,000$ ordinary shares for $$18,000.$

Nov. $1$ Sold $1,000$ treasury shares for cash at $$10.$

Dec. $1$ Sold $1,000$ treasury shares for cash at $$7.$

For each of the following transactions, $($i$)$ prepare the journal entry, $($ii$)$ indicate whether it

resulted in a cash inflow or cash outflow or has no cash flow effect; $($iii$)$ indicate how each

transaction should be classified in the statement of cash flows using the four major

classifications: operating activity, investing activity, financing activity, and non$-$cash investing

and financing activity. $(32\%)$

Issued ordinary shares at par value $$1$ for $$10,000.$

Paid a cash dividend of $$15,000.$

Paid interest expense of $$12,000.$

Sold marketable securities of $$8,000$ from stock investments.

Equipment with a cost of $$166,000$ was purchased for cash.

Collected $$16,000$ of accounts receivable.

Sold land $($cost $$12,000)$ for $$10,000.$

Purchased an insurance contract for $$1,000.$