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problem: On January 1, 2008, Dolan Corporation had 60,000 shares of $1 par value common stock issued & outstanding. During the year, following transactions occurred:

Mar.

1

Issued 20,000 shares of common stock for $400,000.

June.

1

Declared a cash dividend of $2.00 per share to stockholders of record on June 15.

June

30

Paid the $2.00 cash dividend.

Dec.

1

Purchased 4,000 shares of common stock for the treasury for $22 per share.

Dec.

15

Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.

Make journal entries to record the above transactions.

 

 

 

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