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Required information

Problem $8-31($Algo$)$ Transaction analysis$$various accounts LO $8-1,8-2,8-3,8-4,8-6$

$[$The following information applies to the questions displayed below.$]$

Refer to the following transactions.

a$.$ Sold $5,900$ previously unissued shares of $\backslash (\backslash$$ $2\backslash )$ par value common stock for $\backslash (\backslash$$ $16\backslash )$ per share.

b$.$ Issued $1,800$ shares of previously unissued $\backslash (5\backslash \%\backslash )$ cumulative preferred stock, $\backslash (\backslash$$ $40\backslash )$ par value, in exchange for land and a building appraised at $\backslash (\backslash$$ $86,000\backslash ).$

c$.$ Declared and paid the annual cash dividend on the preferred stock issued in transaction b$.$

d$.$ Purchased $250$ shares of common stock for the treasury at a total cost of $\backslash (\backslash$$ $3,250\backslash ).$

e$.$ Declared a cash dividend of $\backslash (\backslash$$ $0\mathrm{.}12\backslash )$ per share on the common stock outstanding.

f$.$ Sold $140$ shares of the treasury stock purchased in transaction $\backslash (\backslash$mathbf$\{$d$\}\backslash )$ at a price of $\backslash (\backslash$$ $35\backslash )$ per share.

g$.$ Declared and issued a $\backslash (2\backslash \%\backslash )$ stock dividend on the common stock issued when the market value per share of common stock was $\backslash$$$27.$

h$.$ Split the common stock $3-$for$-1.$

Problem $8-31($Algo$)$ Part $1-$ Journal entry

Prepare the journal entries to record each of the above transactions. You should assume that the transactions occurred in this chronological sequence and that $38,000$ shares of previously issued common stock remain outstanding. $($Hint: Remember to consider appropriate effects of previous transactions.$)$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. $\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & Transaction & $\backslash$multicolumn$\{2\}\{|$c$|\}\{$General Journal$\}$ & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & a$.$ & Cash & $\backslash (\backslash$checkmark $\backslash )$ & $94,400\backslash (\backslash$cdot $\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Common stock & $($ & & $11,800\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital & $\backslash (\backslash$checkmark $\backslash )$ & & $82,600\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $2$ & b$.$ & Land and building & $\backslash (\backslash$checkmark $\backslash )$ & $86,000$ & $\backslash \backslash$

$\backslash$hline & & Preferred stock & $($ & & $72,000\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital & $\backslash (\backslash$checkmark $\backslash )$ & & $14,000\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $3$ & c$.$ & Retained earnings & $\backslash (\backslash$checkmark $\backslash )$ & $3,600$ & $\backslash \backslash$

$\backslash$hline & & Cash & $($ & & $3,600\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $4$ & d$.$ & Treasury stock & $\backslash (\backslash$checkmark $\backslash )$ & $3,250$ & $\backslash \backslash$

$\backslash$hline & & Cash & $\backslash (\backslash$checkmark $\backslash )$ & & $3,250\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $5$ & e$.$ & Retained earnings & $\backslash (>\backslash )$ & $\backslash (12,000\backslash$times $\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Dividends payable & $\backslash (\backslash$checkmark $\backslash )$ & & $\backslash (12,000\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $6$ & f$.$ & Cash & $\backslash (\backslash$checkmark $\backslash )$ & $4,900$ & $\backslash \backslash$

$\backslash$hline & & Treasury stock & $($ & & $\backslash (\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital & $\backslash (\backslash$checkmark $\backslash )$ & & $\backslash (\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $7$ & g$.$ & Retained earnings & $\backslash (\backslash$checkmark $\backslash )$ & $\backslash (\backslash$times $\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Common stock & $\backslash (>\backslash )$ & & $\backslash (\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital & $\backslash (\backslash$checkmark $\backslash )$ & & $\backslash (\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$