During the year, Great Lakes Corporation had the following transactions:
• Jan. 1 - Issued 30,000 shares of $1 par value common stock at $20 per share.
• May 24 - Reacquired 5,000 shares of common stock sold on Jan. 1 for $22 per share.
• Aug. 31 - Sold 500 shares of its treasury stock purchased on May 24 for $25 per share.
• Oct. 18 - The board of directors declared and distributed a 10% common stock dividend. The selling price of the common stock was $26 per share at the time of the declaration.
• Nov. 24 - The board of directors declared a cash dividend of $0.50 per share payable to stockholders on December 8.
• Dec. 8 - Paid the cash dividends declared on November 24.
Required: Prepare the journal entries for the above transactions.

Question

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The Answer of During the year, Great Lakes Corporation had the following transactions:
• Jan. 1 - Issued 30,000 shares of $1 par value common stock at $20 per share.
• May 24 - Reacquired 5,000 shares of common stock sold on Jan. 1 for $22 per share.
• Aug. 31 - Sold 500 shares of its treasury stock purchased on May 24 for $25 per share.
• Oct. 18 - The board of directors declared and distributed a 10% common stock dividend. The selling price of the common stock was $26 per share at the time of the declaration.
• Nov. 24 - The board of directors declared a cash dividend of $0.50 per share payable to stockholders on December 8.
• Dec. 8 - Paid the cash dividends declared on November 24.
Required: Prepare the journal entries for the above transactions.

During the Year, Great Lakes Corporation Had the Following Transactions