Marigold Corp. has been authorized to issue 21,000 shares of $100 par value, 10%, noncumulative preferred...

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Marigold Corp. has been authorized to issue 21,000 shares of $100 par value, 10%, noncumulative preferred stock and 933,600 shares of no-par common stock. The corporation assigned a $2.40 stated value to the common stock. At December 31, 2022, the ledger contained the following post-closing balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (960 common shares) Paid-in Capital from Treasury Stock Retained Earnings $120,000 20,000 933,600 1,633,800 11.520 1,440 82,000 All preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,440 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 480 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022. (a) Prepare the journal entries for the following: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. No. Account Titles and Explanation 1. 2. Debit Credit 1000 No. Account Titles and Explanation 1. 2. 3. 4. Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Dividends Payable Common Stock Common Stock Dividends Cost of Goods Sold Depreciation Expense Options Capture Dividends Dividends Payable Equipment Gain on Sale of Stock Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Disposal of Plant Assets No Entry Notes Payable Operating Expenses Operating Expenses Organization Expense Other Operating Expenses Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Dividends Payable Preferred Stock Prepaid Expenses Prepaid Insurance Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Prepaid Expenses Prepaid Insurance Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue Utilities Expense Marigold Corp. has been authorized to issue 21,000 shares of $100 par value, 10%, noncumulative preferred stock and 933,600 shares of no-par common stock. The corporation assigned a $2.40 stated value to the common stock. At December 31, 2022, the ledger contained the following post-closing balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (960 common shares) Paid-in Capital from Treasury Stock Retained Earnings $120,000 20,000 933,600 1,633,800 11.520 1,440 82,000 All preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,440 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 480 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022. (a) Prepare the journal entries for the following: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. No. Account Titles and Explanation 1. 2. Debit Credit 1000 No. Account Titles and Explanation 1. 2. 3. 4. Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Dividends Payable Common Stock Common Stock Dividends Cost of Goods Sold Depreciation Expense Options Capture Dividends Dividends Payable Equipment Gain on Sale of Stock Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Disposal of Plant Assets No Entry Notes Payable Operating Expenses Operating Expenses Organization Expense Other Operating Expenses Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Dividends Payable Preferred Stock Prepaid Expenses Prepaid Insurance Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Prepaid Expenses Prepaid Insurance Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue Utilities Expense

Answer rating: 100% (QA)

Land 140000 preferred stock 100000 paid in capital in excess of parpreferred 40000 cash 2220000 paid ... View the full answer