Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firms charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
9/1 Declared a cash dividend on 9/1 for $1.00 a share for shareholders on record 10/1 with payment being made on 11/1.
a. Prepare journal entries for the two stock issues.
b. Prepare journal entries for the cash dividend declaration and payment.
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