On January 1, 2014, Calvin Corporation already has 100,000 shares of $2 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued an additional 50,000 shares of common stock for $700,000. June 1 declared a cash dividend of $2.00 per share to Stockholders of record on June 15. June 30 paid the $2.00 cash dividend. July 15 Declared a 2 for I stock split. Dec. 1 Purchased 10,000 shares of common stock for the treasury for $15 per share. Dec. 15 declared a cash dividend on outstanding shares of $3.00 per share to stockholders of record on December 29. Dec. 31 Close net income to retained earnings. Net income for 2014 amounted to $500,000. INSTRUCTIONS Prepare journal entries – IN GOOD FORM – to record the above transactions. If no entry is required indicate that "no entry is required".
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