fbpx

Income Summary Account Assignment | Top Universities

SECTION 2 (30 points) Martin Corporation began operations on January 1, 2020. The company was authorized to issue up to 3 million shares of $4 par value common stock. The following transactions occurred in 2020. January 1 Issued 60,000 shares of common stock for $27 cash per share. X April 24 Issued 6,000 shares of common stock for land with a fair market value of $192,000. June 30 Directors declared a $.70 per share cash dividend payable on August 2nd to the July 24th stockholders of record. August 2 Paid the cash dividend declared on June 30th September 5 Declared a 10% common stock dividend when the common stock’s market value is $36 per share. October 4 Issued stock dividend that was declared on September 5th October 21 Purchased 7,000 shares of its own common stock at $38 cash per share. November 10 Sold 2,000 shares at $40 cash per share of treasury common stock purchased on October 21st. December 22 Sold the remaining 5,000 shares of its treasury common stock at $31 cash per share. December 31 The company had net income of $358,617 and closed the Income Summary account.
Top Universities
OSX) SNIMS SECTION 2 (30 points) Martin Corporation began operations on January 1, 2020. The company was authorized to issue up to 3 million sh $4 par value common stock. The following transactions occurred in 2020. 3 million shares of January 1 Issued 60,000 shares of common stock for $27 cash per share. “IM os X April 24 Issued 6,000 shares of common stock for land with a fair market value of $192,000. June 30 Directors declared a $.70 per share cash dividend payable on August 2nd to the July 24th stockholders of record. Paid the cash dividend declared on June 30th August 2 September 5 A Declared a 10% common stock dividend when the common stock’s market value is $36 per share. October 4 Issued stock dividend that was declared on September 5th October 21 Purchased 7,000 shares of its own common stock at $38 cash per share. November 10 Sold 2,000 shares at $40 cash per share of treasury common stock purchased on October 21st. Por? L December 22 Sold the remaining 5,000 shares of its treasury common stock at $31 cash per share. December 31 The company had net income of $358,617 and closed the Income Summary account. Required: On the separately distributed general journal page prepare the journal entries (in good form) to record the transactions described above. Be sure to include dates. Leave a blank line between journal entries. You must print your name on the general journal page.Get Accounting Homework Help Today

Don't use plagiarized sources. Get Your Assignment on
Income Summary Account Assignment | Top Universities
Just from $13/Page
Order Now
Calculate your paper price

Pages(550 words)

Approximate price:-