Please show all the details Thank you During its first year

Please show all the details. Thank you!

During its first year of operations, Cupola Fan Corporation issued 39,000 of $1 par Class B shares for $430,000 on June 30, 2018. Share issue costs were $2,400. One year from the issue date (July 1, 2019), the corporation retired 10% of the shares for $44,000. Required: 1. to 4. Prepare the journal entry to record the issuance of the shares, the declaration of a $2.90 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, select \"No journal entry required\" in the first account field.)

Solution

Solution: Journal Entries Amount in $ Particulars Debit Credit 30-06-2018 Cash 4,30,000.00 Common Stock     39,000.00 Share Premium 3,91,000.00 (Cash received from issue of common stock at premium) 30-06-2018 Share Issue Expenses       2,400.00 Cash       2,400.00 (Record the share issue expenses) 01-12-2018 Dividend Expenses 1,13,100.00 Dividend Payable 1,13,100.00 (Dividend Payable on common stock) 31-12-2018 Dividend Payable 1,13,100.00 Cash 1,13,100.00 (Record the payment of dividend) 01-07-2019 Common Stock       3,900.00 Premium on redemption     40,100.00 Cash     44,000.00 (Record the share redemption entry) 01-07-2019 Share Premium     40,100.00 Premium on redemption     40,100.00 (Adjust the preimum paid on redemption with the premium on issue) 01-07-2019 Share Premium       3,900.00 Capital Redemption Account       3,900.00 (Capital Redemption Reserve Account is created from share premium)