In the Space Provided,indicate Whether the Journal Entry for the Transaction

question 79

Essay

In the space provided,indicate whether the journal entry for the transaction described includes an entry to a stockholders' equity account and if so,whether the account(s)should be debited or credited as a result of the entry.
$\begin{array}{|l|l|l|}\hline & \text { included in a Stocknolders' }\\\hline \text { Items: } & \text { Equity account? (yes or no) } &\text { Accowit Debited or Credited? }\\\hline \text { Issued preferred stock } & \\\hline \text { Paid a dividend that was declared last year } & \\\hline \text { Purchased treasuy stock } & \\\hline \text { Received an amount in excess of cost for the } & \\\text { reissuance of treasuy stock } & \\\hline \text { Acknowledged dividendsin arrears on preferred } \\\text { stock }\\\hline \text { Declared a cash dividend that will be paid next year } &&\\\hline \text { Issued additional shares in a 2-for-1 stock split } &&\\\hline\end{array}$

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Definitions:

Corporations

Are legal entities that can enter into contracts and own property. They are taxed at a lower rate than individuals are and their owners are normally not liable for the corporation’s debt or any harm it may cause the public.

Crimes

Acts or omissions that violate laws and are punishable by the state or other authority.

Convicted

The formal declaration that someone is guilty of a criminal offense, made by the verdict of a jury or the decision of a judge.

Gang Members

Individuals who are part of an organized group known for committing criminal activities and occupying certain territories or social spaces.