During the First Year of Operations, New York Corporation Had

question 123

Essay

During the first year of operations, New York Corporation had the following transactions:
∙ Jan. 1 - Issued 50,000 shares of $1 par value common stock at $20 per share.
∙ May 24 - Reacquired 5,000 shares of common stock sold on Jan. 1 for $23 per share.
∙ Aug. 31 - Sold 500 shares of its treasury stock purchased on May 24 for $25 per share.
∙ Oct. 18 - The board of directors declared and distributed a 10% common stock dividend. The market price of the common stock was $26 per share at the time of the declaration.
∙ Nov. 24 - The board of directors declared a cash dividend of $0.50 per share payable to stockholders on December 8.
∙ Dec. 8 - Paid the cash dividends declared on November 24.
Required:
Prepare the journal entries for the above transactions. Omit explanations.

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Definitions:

Livable Condition

Livable condition refers to a state of housing or accommodation that meets basic living standards and conditions for safety, health, and comfort.

State Statutes

Laws established by a state's legislative body that govern matters within the state's jurisdiction.

Nonpayment of Rent

The failure to fulfill the obligation of paying rent as stipulated in a rental agreement or lease.

Periodic Leasehold

A lease agreement that automatically renews for successive periods until either party terminates the tenancy, often seen in month-to-month tenancies.