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Activity 5 - In-Class Activity#5(30 points List the two...

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In-Class Activity #5 (30 points) List the two members of today’s activity _________________________________ _________________________________ Question 1: On January 1, Company A reacquired: 100 of its shares at $50 each. On March 1, 10 shares were reissued at $55 each. On June 1, 10 shares were reissued at $35 each. State the journal entry for June 1. Cash 350 APIC – TS 50 Retained Earnings 100 Treasury Stock 500 Question 2: ABC Corporation has 100,000 shares of common stock issued and outstanding. The par value of the common stock is $2 per share. The market value of the common stock is $15 per share. A 5% stock dividend is declared and distributed. Prepare the necessary journal entry for this stock dividend. If no entries are necessary write “NO ENTRY”. Retained Earnings 75,000=100,000*5%*15 Common Stock – Par 10,000 Common Stock – APIC 65,000 Question 3: DEF Corporation has 100,000 shares of common stock issued and outstanding. The par value of the common stock is $2 per share. The market value of the common stock is $15 per share. A 100% stock dividend is declared and distributed. Prepare the necessary journal entry for this stock dividend. If no entries are necessary write “NO ENTRY”.
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