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Business, 23.04.2020 21:27 zachcochran2007

Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share.

Prepare all of the necessary journal entries to record the events described above.

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Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares...
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