Answered Essay: 1, 2015 by issuing all of its 1,150,000 authorized shares of its $1 par value common stock

Houghton Company began business on January 1, 2015 by issuing all of its 1,150,000 authorized shares of its $1 par value common stock for $22 per share. On June 30, Houghton declared a cash dividend of $1.50 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 230,000 of its own shares of stock for $27 per share. On December 22, Houghton resold 115,000 of these shares for $33 per share.


a. Prepare all of the necessary journal entries to record the events described above. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first accou

Expert Answer


Date Particulars Debit Credit
01.01.2015 Bank (1,150,000*22) Dr. 25,300,000
To Common Stock (1150000*1) 1,150,000
To Paid in capital in excess of par value 24,150,000
(Being common stock issued)
31.07.2015 Retained Earning (1150000*1.5) Dr. 1,725,000
To Dividend Payable 1725000
(Being declared cash dividend)
30.08.2015 Dividend Payable Dr 1725000
To Cash 1725000
(Being dividend paid)
01.11.2015 Treasury stock (230000*27) 6210000
To Cash 6210000
(Being require his own shares)
22.12.2015 Common Stock Dr. 115000
Additional paid in capital 3680000
To Treasury Stock 3795000
(Being common stock sold)
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