Question: Problem 3: Miles Co. had these transactions during the current period. Jun-12 Jul-11 Nov-28 Issued 50,000 shares of $3 stated value common stock for cash

Problem 3: Miles Co. had these transactions during the current period.

Problem 3: Miles Co. had these transactions during the current period. Jun-12 Jul-11 Nov-28 Issued 50,000 shares of $3 stated value common stock for cash of $250,000. Issued 2,000 shares of $100 par value preferred stock for cash at $108 per share. Purchased 2,000 shares of treasury stock for $10,000. Instructions: Prepare the journal entries for the preceding transactions

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