Question - The balance sheet of Softeners, Inc., at December 31, 20x8 included the following:
Contributed Capital: Common stock, $1par, 250,000 shares authorized, 50,000 shares issues $50,000
Paid in capital - common $350,000
Total contributed capital $400,000
Retained earnings 99,000
Total stock holders' equity $499,000
During 20x9, Softeners completed the following selected transactions:
Mar 29 Declared and distributed a 5% stock dividend on the common stock. The market value of the stock was $8 per share.
July 13 Purchased 2000 shares of treasury stock at $8 per share.
Oct 4 Sold 1000 shares of the treasury stock for $9 per share.
Dec. 10 Declared a $0.20 per share cash dividend to be paid january 2 to stockholders of record on december 17.
Dec. 18 Sold the remaining 1,000 shares of the treasury stock for $6.50 per share.
Record the transactions in general journal form.