During the First Year of Operations,New York Corporation Had the Following

question 50

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 selling 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.
• Dec.10 - Sold 1,000 shares of treasury stock for $10 per share.
Required:
Prepare the journal entries for the above transactions.Omit explanations.

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Definitions:

Learning Organization

An organization that actively encourages, facilitates, and utilizes the learning of its members to continuously transform itself for better performance and innovation.

Human Resources

The department within an organization responsible for hiring, administering employee benefits, and managing employee relations and training.

Employee Satisfaction

A measure of how happy or content employees are with their jobs and work environment.

Job Satisfaction

The level of contentment employees feel about their work, which can influence their motivation and performance.