stocks

Project Description:

abc inc. was incorporated on 1/15/12. their corporate charter authorized the following capital stock:
preferred stock: 7%, par value $100 per share, 100,000 shares.
common stock: $1 par value, 500,000 shares.

the following transactions occurred during the year:

1/19/12 – issued 100,000 shares of common stock for $17 cash per share.
1/31/12 – issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 – repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 – declared and paid a total dividend of $95,000.

required:
1. prepare the journal entry for each transaction listed above.
2. in your own words, explain the main differences between common and preferred stock.
Skills Required:
Project Stats:

Price Type: Negotiable

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