Question 1 layes inc issues 8000 shares of 100 par value, Ask an Expert

Accounting

Question: 1. Layes Inc. issues 8,000 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock.

2. Basse Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92659565

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