Revise your calculations based the new information provided below and then answer the questions that...
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Accounting
Revise your calculations based the new information provided below and then answer the questions that follow.
| Beginning number of shares issued | 532,000 | ||
| Additional shares issued during the year | 132,000 | ||
| Beginning treasury shares | 52,000 | ||
| Portion of treasury shares resold | 10 | % | |
| Dividends per share | $ | 0.20 | |
| Beginning retained earnings | $ | 560,000 | |
| Net income for the year | $ | 410,000 | |
Required: 1. Calculate the number of outstanding shares of common stock: (Amounts to be deducted should be indicated by a minus sign.)
2. Prepare the journal entries to record the dividends. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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