During 2014, Goodfellow has the following transactions involving its common and preferred stock. a. Issued 15,000 shares

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During 2014, Goodfellow has the following transactions involving its common and preferred stock.

a. Issued 15,000 shares of $5 par common stock for $15 a share. This brings total shares outstanding to 50,000 shares.

b. Issued 5,000 shares of $1000 par, 6%, cumulative preferred stock for $121 per share.

c. When the market value of the common stock reached $15 a share, Goodfellow declared a 3-for-1 stock split, reducing the par value to $1.67 per share.

Required:

Prepare a journal entry for each transaction.

Related Book For answer-question

Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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Posted Date: Oct 04, 2018 04:06 AM

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During 2014, Goodfellow has the following transactions involving its common and preferred stock. a. Issued 15,000 shares

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a Cash 225000 Common Stock 5 par 75000 Additional Paidin Cap... View the full answer

Cornerstones of Financial and Managerial Accounting

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