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:

Dividends

Payments made by a corporation to its shareholders, usually derived from profits, as a distribution of earnings.

Family Car

A vehicle designed primarily for the transportation of a family, typically offering increased seating space and safety features.

Common Stock

Refers to a type of ownership in a corporation that entitles shareholders to share in the company's profits through dividends and/or capital appreciation.

Photography Equipment

Includes cameras, lenses, tripods, lighting, and other accessories used for capturing photos.