During its first year of operations, Cupola Fan Corporation issued 30,000 of $1 par Class B shares for $385,000 on June 30, 2013. Share issue costs were $1,500. One year from the issue date (July 1, 2014), the corporation retired 10% of the shares for $39,500.
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Prepare the journal entry to record the issuance of the shares. (If no entry is required for a particular event, select “No journal entry required” in the first account field.)
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Prepare the journal entry to record the declaration of a $2 per share dividend on December 1, 2013. (If no entry is required for a particular event, select “No journal entry required” in the first account field.)
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Prepare the journal entry to record the payment of the dividend on December 31, 2013. (If no entry is required for a particular event, select “No journal entry required” in the first account field.)
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Prepare the journal entry to record the retirement of the shares. (If no entry is required for a particular event, select “No journal entry required” in the first account field.)
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