On January 1, Steff Corporation had 80,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of $5 per share. During the year, the following transactions occurred.
Apr. 1 Issued 12,000 additional shares of common stock for $18 per share.
Need assignment help for this question?
If you need assistance with writing your essay, we are ready to help you!
Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality
June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10 Paid the $1 cash dividend.
Dec. 1 Purchased 7,000 additional shares of common stock for $17 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $1.20 per share to shareholders of record on December 31.
Instructions: Prepare the entries, if any, on each of the dividend dates.