The stockholders' equity accounts of Lawrence Company have the following balances on December 31, 2012.
|
Common stock, $10 par, 264,000 shares issued and outstanding |
$2,640,000
|
|
Paid-in capital in excess of par |
1,200,000 |
|
Retained earnings |
5,600,000 |
Shares of Lawrence Company stock are currently selling on the Midwest Stock Exchange at $38.Prepare the appropriate journal entries for each of the following.