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

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Unformatted text preview: 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. Cash350APIC – TS50Retained Earnings100Treasury Stock500Question 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 Earnings75,000=100,000*5%*15Common Stock – Par10,000Common Stock – APIC65,000Question 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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This note was uploaded on 12/04/2009 for the course MGMT 351 taught by Professor Staff during the Fall '08 term at Purdue University.

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

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