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.

Answer rating: 100% (QA)

1 Account Name Debit Credit Cash 1100000 Common stock 250000 Addi... View the full answer