Gerber Corporation was organized on July 15, 2016. It was authorized to issue 150,000 shares of $5
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Question:
Gerber Corporation was organized on July 15, 2016. It was authorized to issue 150,000 shares of $5 par value common stock and 50,000 shares of 9% cumulative class A preferred stock. The class A preferred stock had a stated value of $10 per share. The following stock transactions relate to Gerber Corporation.
1) Issued 50,000 shares of common stock for $22 per share.
2) Issued 4,000 shares of the class A preferred stock for $20 per share.
3) Issued 27,500 shares of common stock for $28 per share.
Required:
Prepare the general journal entries for the above transactions.
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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