Problemon january 1 2013 micro machines corporation had, Ask an Expert

Accounting

Problem:

On January 1, 2013, Micro Machines Corporation had 700,000 shares of $3 par value common stock issued and outstanding. During the year, the following transactions occurred:

June 1 Declared a cash dividend of $1.75 per share to stockholders of record on June 15.
June 30 Paid the cash dividend.
July 1 Announced a 2-for-1 stock split to be distributed on August 1.
Oct. 1 Declared a cash dividend of $0.60 per share.

Required:

Question: Prepare journal entries if necessary to record the above transactions.

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164502

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