On March 31, the board of directors of Shoeboxes, Inc. declares a 100% stock dividend on its 100,000, $0.01 par, common shares. The market price of Shoeboxes common stock is $30 on March 31. Record the stock dividend.
137. Court Casuals has 100,000 shares of common stock outstanding as of the beginning of the year and has the following transactions affecting stockholders’ equity during the year.
May 18Issues 25,000 additional shares of $1 par value common stock for $40 per share.
May 31Repurchases 5,000 shares of treasury stock for $45 per share.
July 1Declares a cash dividend of $1 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock.
July 31Pays the cash dividend declared on July 1.
August 10Reissues 2,500 shares of treasury stock purchased on May 31 for $46 per share.
Record each of these transactions.
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