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Homework answers / question archive / 2)HiTech Manufacturing Company has 500,000 shares of $1 par value capital stock outstanding on January 1

2)HiTech Manufacturing Company has 500,000 shares of $1 par value capital stock outstanding on January 1

Accounting

2)HiTech Manufacturing Company has 500,000 shares of $1 par value capital stock outstanding on January 1. The following equity transactions occurred during the current year: (35 points) June 1 Declared a cash dividend of $0.20 per share July 1 Paid the $0.20 cash dividend to stockholders Aug. 1 Declared a 10% stock dividend. Market price of stock was $15 per share Sept. 10 Issued shares resulting from 10% stock dividend declared on August 1 Show calculations and prepare journal entries to record June 1, July 1, Aug. 1 and Sept. 10 transactions Please write your journal entries in the tables. Do not write anything outside of the tables. a) June 1 Calculations: Date Debit Credit Db Cr b) July 1 Calculations: Date Debit Credit Db Cr c) Aug. 1 Calculations: Date Debit Credit Db Cr d) Sept. 10 Calculations: Date Debit Credit Db Cr e) Compute the number of shares of capital stock outstanding at year-end.

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