Question: Exercise 10-61 (Algorithmic) Issuing and Repurchasing Stock Canary Corp. had the following transactions related to its common and preferred stock: January 15 Sold 50,000 shares

Exercise 10-61 (Algorithmic) Issuing and Repurchasing Stock Canary Corp. had the

Exercise 10-61 (Algorithmic) Issuing and Repurchasing Stock Canary Corp. had the following transactions related to its common and preferred stock: January 15 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. October 1 Repurchased 4,730 shares of the common stock at $20 per share. Required: Prepare the journal entries for the above transactions. Jan. 15 Cash Common Stock V Additional Paid-In Capital-Common Stock Cash x Preferred Stock (Record sale of preferred and common stock) Oct. 1 Treasury Stock Retained Earnings X

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