Business, 14.04.2020 21:54 dyshekagraves

Munson Corporation was formed in 2017. Data that affects Stockholders’ Equity.

1) Munson’s corporate charter authorized 2,000,000 shares of $1 par value common stock.
2) On January 10th, Munson issued 250,000 shares of $1 par value common stock for $9 per share.
3) On June 1st, Munson issued 100,000 shares of $1 par value common stock for $11 per share.
2017 Net income as $200,000.

Required:
a. Prepare journal entries to record these transactions.
b. Compute the number of shares of capital stock outstanding at year-end
c. The payment of dividends on February 7, 2017.

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Munson Corporation was formed in 2017. Data that affects Stockholders’ Equity.

1) Munso...

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