The Harris Company is authorized to issue 1,000,000 shares of $5 par value common stock....
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Accounting
The Harris Company is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year the company has the following. stock transactions: Jan. 10 Issued 400,000 shares of stock at $8 per share Sep. 1 Purchased 10,000 shares of common stock for the treasury at $9 per share Dec. 24 Declared a cash dividend of 10 cents per share The correct journal entry to record the transaction on Dec. 24 would be:
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