Irons Incorporated entered into the following stock transactions: Apr. 5 Issued 30,000 shares of $3 par value

Question:

Irons Incorporated entered into the following stock transactions:
Apr. 5 Issued 30,000 shares of $3 for $180,000.
May 31 Purchased 1,000 shares of treasury stock for $50,000.
Oct. 1 Issued 3,000 shares of $40 preferred stock for $65 per share.
Required
Prepare the journal entries to record the transactions. Use the cost method to account for the purchase of treasury stock.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...