Nature Corporation had these stock transactions during the current year.
Jan 10 Issued 10,000 shares of common stock on par$2 for $5
Feb 28 1,000 shares of $2 common stock are issued in exchange for attorney services relating to the formation of the corporation for a value of $3,750.
Jul 30 Paid a cash dividend declared in June of $10,000 to stockholders
a. Record the three general journal entries to record these transactions.
Nature Corporation also engaged in the following treasury stock transactions during the current year:
Aug. 25 Purchased 4,000 shares of treasury stock at $50 per share
Oct. 10 Reissued 1,500 shares of the treasury stock acquired on August 25 at a price of $58 per share.
Dec. 15 Reissued 1,000 shares of treasury stock at a price of $46 per share.
b. Record the three general journal entries to record these treasury stock transactions.