Steel Enterprises entered into the following stock transactions: Apr. 5 Issued 31,200 shares of $3 par value

Question:

Steel Enterprises entered into the following stock transactions: Apr. 5 Issued 31,200 shares of $3 par value common stock for $187,200. May 31 Purchased 1,080 shares of treasury stock for $51,000. Oct. 1 Issued 2,700 shares of $46 par value preferred stock for $57 per share. Prepare the journal entries to record the transactions. Use the cost method to account for the purchase of treasury stock. For compound journal entries, if an amount box does not require an entry, leave it blank or enter "0".

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,...