ACCT 101 - Chapter 11 Homework Journalize the following transactions. You must use a journal form to receive credit On January 1, 2020, the Amity Island Swimsuit Company had 10,000 shares of 5%, $100 par, cumulative Preferred Stock authorized with 4.000 shares issued and outstanding. It also had 50,000 shares of $5 par common stock authorized with 15,000 shares issued and outstanding, Jan 4 Sold 8,000 shares of $5 par common stock for $15 per share. Jan 17 Sold 2,000 shares of $100 par, 5%, cumulative, preferred stock for $160 per share. May 12 Jun 14 Jul 18 Aug 24 Purchased 1.200 shares of treasury stock common for $16 per share. Re-issued 300 of the treasury shares purchased on May 12 for $18 per share Issued 2,000 shares of common stock in exchange for legal services. The value of the stock at the time of issue was $17 per share. Purchased equipment with a fair market value of $120,000 by paying $24.000 in cash, insuing a note payable for $80,000 and issuing 300 shares of $5 par common stock. Reissued 400 of the treasury shares purchased on May 12 for $14 por share Declared $95.000 in dividends to be paid on December 2 to stockholder's of record on November 30. Dividends have been paid each previous year. Paid the dividend declared on Nov. 2. Declared a 29 common stock dividend to be issued on December 31 to stockholder's of record on December 20. The market value of the stock on December 16 was $19 per share Distributed the stock dividend shares declared on December 16 Oct 7 Nov 2 Deo 2 Dee 16 Dec 31 o i du