2. BCC Inc. has 390,000 shares of $10 par value common stock issued and outstanding. REQUIRED...

2020 ,JAN 3 BANK A/C DR. 2250000 (15000*15)

TO SHARE CAPITAL A/C 150000 (15000*10)

TO SECURITIES PREMIUM A/C 75000 (15000*5)

(ISSUED 15000 OF $15 EACH FOR A PREMIUM OF $5)

JAN 15 TREASURY STOCK A/C DR. 85000 (5000*17)

TO CASH 85000

(5000 TREASURY STOCK PURCHASED OF $ 17 EACH)

JAN 22 RETAINED EARNINGS A/C DR. 585000 (390000*1.5)

TO DIVIDENDS PAYABLE 5850000

(DIVIDEND DECLARED OF $1.5 EACH)

FEB 8 DIVIDEND PAYABLE A/C DR. 585000

TO CASH 585000

(DIVIDEND PAID )

SEP 1 RETAINED EARNINGS A/C DR. 585000 (19500*30)

TO COMMON STOCK DIVIDEND A/C 195000 (19500*10)

TO PAID IN CAPITAL IN EXCESS OF PAR 390000 (19500*20)

NOTE; 390000*5% = 19500

(5 % STOCK DIVIDEND DECLARED)

OCT 1 COMMON STOCK DIVIDEND A/C DR. 195000 (19500*10)

TO COMMON STOCK A/C 195000

(SOCK DIVIDEND DECLARED)

OCT 31 TREASURY STOCK A/C DR. 36000

TO CASH 36000

(2000 TREASURY STOCK SOLD FOR $18 EACH )

DEC 15 TREASURY STOCK A/C DR. 42000

TO CASH 42000

(3000 TREASURY STOCK SOLD FOR 14 EACH )