Please help, I will thumb up the answers Item 1: On...
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Accounting
Please help, I will thumb up the answers
Item 1: On January 1, 2023, Entity L had 40,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 30,000 shares of common stock at $10 per share. June 1 Declared a cash dividend of $2 per share to stockholders of record on June 15 June 30 Paid the $2 cash dividend Dec. 1 Purchased 1,000 shares of common stock for the treasury for $13 per share Instructions: Prepare journal entries to record the above transactions. Show your calculations. Instructions: What is total stockholders' equity? Prepare the stockholders' equity section of the balance sheet. You should look at Illus. 11.18 to get a sense of what yours should look like. Use good form, indicating the number of authorized, issued, and outstanding shares for each class of stock
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