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problem: Lightning Fast Computer Company recently starts operations and had the following transactions related to common stock. Make journal entries for every transaction.

[A] 16,000 shares of $2 par value common stock were sold at a price of $25 a share.

[B] 1,600 shares of common stock were reacquired by the issuing firm at $45 per share.

[C] A dividend of $6 per share was declared and paid.

[D] A 10% stock dividend was announced & distributed when the market price per share was $40.

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  • Reference No.:- M922028

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