Survivor Company Was Formed on January 1,2019 by Selling and Issuing

question 117

Essay

Survivor Company was formed on January 1,2019 by selling and issuing 20,000 shares of common stock at $15 per share.On December 1,2019,the company declared a cash dividend of $10,000,which will be paid in cash on January 15,2020.
A.Prepare the journal entry to record the sale and issuance of the common stock on January 1,2019 under each of the following independent assumptions:
1.The common stock has a par value of $10 per share.
2.The common stock was no-par with a stated value of $5 per share.
3.The common stock was no-par and had no stated value.
B.Prepare the journal entry to record the dividend declaration on December 1,2019.
C.Prepare the journal entry to record payment of the dividend on January 15,2020.

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Definitions:

Native American

Indigenous peoples of the Americas including First Nations, Inuit, and Métis communities.

African American

An ethnic group in the United States with heritage from the black racial groups of Africa.

Infantilization

The act of treating someone as if they are a child, disregarding their actual age or maturity level, often resulting in a reduction of their autonomy and independence.

Elderly

Refers to people, usually of advanced age, often considered to be beyond the retirement age of 65 or older, facing various societal, health, and economic issues.