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As of January I,2014,the Equity Section of LD Food Co

Question 61

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As of January I,2014,the equity section of LD Food Co.'s balance sheet contained the following:
As of January I,2014,the equity section of LD Food Co.'s balance sheet contained the following: outstanding common shares 30,000 issued and outstanding • On May 1,2014,the company spent $802,500 to repurchase 300,000 common shares. These shares were cancelled immediately. • On July 15,2014,the company repurchased and cancelled 4,000 preferred shares at $15/sh. • On November I,2014,the company declared and paid the annual cash dividends on the preferred shares. On the same day,the company issued a 5% stock dividend on common shares. LD Food's stock traded at $7/share after the dividend. Requirement: Record the journal entries for the above transactions occurring in 2014. outstanding
As of January I,2014,the equity section of LD Food Co.'s balance sheet contained the following: outstanding common shares 30,000 issued and outstanding • On May 1,2014,the company spent $802,500 to repurchase 300,000 common shares. These shares were cancelled immediately. • On July 15,2014,the company repurchased and cancelled 4,000 preferred shares at $15/sh. • On November I,2014,the company declared and paid the annual cash dividends on the preferred shares. On the same day,the company issued a 5% stock dividend on common shares. LD Food's stock traded at $7/share after the dividend. Requirement: Record the journal entries for the above transactions occurring in 2014. common shares
As of January I,2014,the equity section of LD Food Co.'s balance sheet contained the following: outstanding common shares 30,000 issued and outstanding • On May 1,2014,the company spent $802,500 to repurchase 300,000 common shares. These shares were cancelled immediately. • On July 15,2014,the company repurchased and cancelled 4,000 preferred shares at $15/sh. • On November I,2014,the company declared and paid the annual cash dividends on the preferred shares. On the same day,the company issued a 5% stock dividend on common shares. LD Food's stock traded at $7/share after the dividend. Requirement: Record the journal entries for the above transactions occurring in 2014. 30,000 issued and outstanding
As of January I,2014,the equity section of LD Food Co.'s balance sheet contained the following: outstanding common shares 30,000 issued and outstanding • On May 1,2014,the company spent $802,500 to repurchase 300,000 common shares. These shares were cancelled immediately. • On July 15,2014,the company repurchased and cancelled 4,000 preferred shares at $15/sh. • On November I,2014,the company declared and paid the annual cash dividends on the preferred shares. On the same day,the company issued a 5% stock dividend on common shares. LD Food's stock traded at $7/share after the dividend. Requirement: Record the journal entries for the above transactions occurring in 2014.
• On May 1,2014,the company spent $802,500 to repurchase 300,000 common shares. These shares were cancelled immediately.
• On July 15,2014,the company repurchased and cancelled 4,000 preferred shares at $15/sh.
• On November I,2014,the company declared and paid the annual cash dividends on the preferred shares. On the same day,the company issued a 5% stock dividend on common shares. LD Food's stock traded at $7/share after the dividend.
Requirement:
Record the journal entries for the above transactions occurring in 2014.

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