?Please show work!! Problem 18-8 Share issue costs; issuance; dividends; early r

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?Please show work!!

Problem 18-8 Share issue costs; issuance; dividends; early retirement [L018-3,18-4,18-7] During its first year of operations, Cupola Fan Corporation issued 32,000 of $1 par Class B shares for $395,000 on June 30, 2018. Share issue costs were $1,700. One year from the issue date (July 1, 2019, the corporation retired 10% of the shares for $40,500. Required 1. to 4. Prepare the journal entry to record the issuance of the shares, the declaration of a $2.20 per share dividend on December 1, 2018, the payment of the dividend on December 31, 2018 and the retirement of the shares. (If no entry is required for a transaction event, selt "No journal entry required" in the first account field.) View transaction list

Explanation / Answer

1 Cash 393300 =395000-1700       Common stock 32000 =32000*1       Paid-in capital - excess of par 361300 2 Retained earnings 70400 =32000*2.2        Cash dividends payable 70400 3 Cash dividends payable 70400        Cash 70400 4 Common stock 3200 =32000*10% Paid-in capital - excess of par 36130 =361300*10% Retained earnings 1170        Cash 40500

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