Blue Mining Company declared, on April 20, a dividend of $426,000 payable on June 1. Of this amount, $119,000 is a return of capital.Prepare the April 20 and June 1 entries for Blue.Tamarisk Corporation is authorized to issue 55,000 shares of $5 par value common stock. During 2017, Tamarisk took part in the following selected transactions.1. Issued 4,500 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $9,100.2. Issued 1,200 shares of stock for land appraised at $55,000. The stock was actively traded on a national stock exchange at approximately $43 per share on the date of issuance.3. Purchased 480 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2013 at $41 per share.(a) Prepare the journal entry to record item 1.(b) Prepare the journal entry to record item 2.(c) Prepare the journal entry to record item 3 using the cost method.Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions.1. Purchased 5,000 treasury shares at $45 per share.2. Resold 2,000 of the treasury shares at $49 per share.3. Resold 500 of the treasury shares at $40 per share.Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method.
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