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Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2014, the company has the following stock transactions.
Jan. 15 Issued 700,000 shares of stock at $7 per share.
Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share.
Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2015.
Instructions
Journalize the transactions for Patrick Corporation.
Iso-profit Line
A graphical representation in microeconomics that shows combinations of quantities of two goods that generate the same profit.
Scenario
A description of a possible event or situation, often used for planning, forecasting, or decision-making processes.
Profit Lines
In business, the delineation of various sources of income, identifying different products, services, or segments that contribute to the overall profitability of a company.
Shadow Price
In economics and optimization, it refers to the monetary value assigned to an otherwise intangible or non-marketable commodity based on its scarcity or the cost of its limitation in a certain context.
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