Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) Paid-In Capital in Excess of...

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Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) Paid-In Capital in Excess of Par-Preferred Stock $3,980,000 159,200 Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) 5,610,000 Paid-In Capital in Excess of Par-Common Stock 1,215,500 Retained Earnings 31,497,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are smmarized as follows: a. Issued 532,900 shares of common stock at $9, receiving cash. b. Issued 11,000 shares of preferred 1% stock at $58. c. Purchased 45,400 shares of treasury common for $8 per share. d. Sold 21,400 shares of treasury common for $10 per share. e. Sold 4,300 shares of treasury common for $7 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock g. Paid the cash dividends. Required: Journalize the entries to record the transactions. Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) Paid-In Capital in Excess of Par-Preferred Stock $3,980,000 159,200 Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) 5,610,000 Paid-In Capital in Excess of Par-Common Stock 1,215,500 Retained Earnings 31,497,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are smmarized as follows: a. Issued 532,900 shares of common stock at $9, receiving cash. b. Issued 11,000 shares of preferred 1% stock at $58. c. Purchased 45,400 shares of treasury common for $8 per share. d. Sold 21,400 shares of treasury common for $10 per share. e. Sold 4,300 shares of treasury common for $7 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock g. Paid the cash dividends. Required: Journalize the entries to record the transactions.

Answer rating: 100% (QA)

Answer To journalize the entries to record the transactions we need to create separate journal entri... View the full answer