Chapter 12 Corporations Student Work Papers Chapter 12 Corporations Student Work Papers 17. TWN Cleaning Corporation issued 15,000 shares of $3 par preferred stock for $10 a share; 20,000 shares of $2 par preferred stock for $7 a share. The Corporation also issued 10,000 shares of $5 par common stock which sold at a premium for $7 per share. Prepare the journal entry to record the stock issue. 20. Using the same information as question 11, assume the corporation issued the preferred stock for $25 and the common stock for land with a current market value of $200,000. Prepare the journal entry to record the stock issue. 18. Tift Corporation declared a 6% stock dividend on May 7. On this date, its equity accounts had the balances listed, and the current price of the common stock was $15. Prepare the journal entries required if the dividends were distributed on June 25. Common Stock, $1.50 par (120,000 shares issued) $180,000 Paid-In Capital in Excess of Par-Common Stock 2,160,000 Retained Earnings 4,470,000 19. Zero Split has the following paid-in capital on July 1: Prepare the journal entries required for the transactions below. urchase of 25,000 of common stock for $42 per share on July 5. Sale of 10,000 of treasury stock for $38 per share on July 15. Sale of 4,000 of treasury stock for $44 per share on August 5 Common stock, $10 par (120,000 shares authorized and Issued) $1,200,000 Excess of issue price over par $3,600,000 Chapter 12 Corporations Student Work Papers Chapter 12 Corporations Student Work Papers 17. TWN Cleaning Corporation issued 15,000 shares of $3 par preferred stock for $10 a share; 20,000 shares of $2 par preferred stock for $7 a share. The Corporation also issued 10,000 shares of $5 par common stock which sold at a premium for $7 per share. Prepare the journal entry to record the stock issue. 20. Using the same information as question 11, assume the corporation issued the preferred stock for $25 and the common stock for land with a current market value of $200,000. Prepare the journal entry to record the stock issue. 18. Tift Corporation declared a 6% stock dividend on May 7. On this date, its equity accounts had the balances listed, and the current price of the common stock was $15. Prepare the journal entries required if the dividends were distributed on June 25. Common Stock, $1.50 par (120,000 shares issued) $180,000 Paid-In Capital in Excess of Par-Common Stock 2,160,000 Retained Earnings 4,470,000 19. Zero Split has the following paid-in capital on July 1: Prepare the journal entries required for the transactions below. urchase of 25,000 of common stock for $42 per share on July 5. Sale of 10,000 of treasury stock for $38 per share on July 15. Sale of 4,000 of treasury stock for $44 per share on August 5 Common stock, $10 par (120,000 shares authorized and Issued) $1,200,000 Excess of issue price over par $3,600,000