A corporation had stockholders' equity on January 1 as follows: common stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; contributed capital in excess of par value, common stock, $1,000,000; retained earnings, $3,000,000. Prepare journal entries to record the following transactions:

Question

A corporation had stockholders' equity on January 1 as follows: common stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; contributed capital in excess of par value, common stock, $1,000,000; retained earnings, $3,000,000. Prepare journal entries to record the following transactions:
A corporation had stockholders' equity on January 1 as follows: common stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; contributed capital in excess of par value, common stock, $1,000,000; retained earnings, $3,000,000. Prepare journal entries to record the following transactions:

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The Answer of A corporation had stockholders' equity on January 1 as follows: common stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; contributed capital in excess of par value, common stock, $1,000,000; retained earnings, $3,000,000. Prepare journal entries to record the following transactions:

A Corporation Had Stockholders' Equity on January 1 as Follows