ESSAY. Write your answer in the space provided or on a separate sheet of paper. 18) Smart Electronics completed the following stock issuance transactions: June 7 Issued 4,000 shares of $3 par value common stock for cash of $12 per share Aug. 16 Issued 400 shares of no-par preferred stock for $25,000 cash Sept. 19 Received equipment with a market value of $75,000 in exchange for 5,000 shares of the $3 par value common stock Prepare the journal entries to record these transactions. Explanations are not required. 19) Foodmart, Inc. completed the following treasury stock transactions in 2018: Mar. 3 Purchased 1,800 shares of the company's $3 par value common stock as treasury stock, paying cash of $10 per share. Mar. 17 Sold 400 shares of the treasury stock for cash of $12 per share. Mar. 25 Sold 600 shares of the treasury stock for cash of $7 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200.) Joumalize these transactions. Explanations are not required. How will Foodmart, Inc. report treasury stock on its balance sheet as of December 31, 2018? 20) XD7, Inc. has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding. The common stock has a $1.00 par value. The preferred stock has a $100 par value, a 5% dividend rate, and is noncumulative. On October 31, 2018, the company declares the annual preferred dividend and dividends of $0.25 per share for common. Prepare the journal entry for the declaration of dividends. Omit explanation. 21) Charger Corporation currently has 120,000 shares outstanding of $1 par value common stock. The stock was originally issued for $12 per share. On March 15, the board of directors declares and distributes a 10% stock dividend when the stock is selling for $16 per share. Prepare the journal entry to record the stock dividend. Omit explanation