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Required information

Problem $8-32($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$.$ Issued $410$ shares of $\backslash (\backslash$$ $120\backslash )$ par value preferred stock at par.

b$.$ Issued $960$ shares of $\backslash (\backslash$$ $120\backslash )$ par value preferred stock in exchange for land that had an appraised value of $\backslash (\backslash$$ $122,400\backslash ).$

c$.$ Issued $19,000$ shares of $\backslash (\backslash$$ $6\backslash )$ par value common stock for $\backslash (\backslash$$ $14\backslash )$ per share.

d$.$ Purchased $5,330$ shares of common stock for the treasury at $\backslash (\backslash$$ $16\backslash )$ per share.

e$.$ Sold $2,300$ shares of the treasury stock purchased in transaction $\backslash (\backslash$mathbf$\{$d$\}\backslash )$ for $\backslash (\backslash$$ $18\backslash )$ per share.

f$.$ Declared a cash dividend of $\backslash (\backslash$$ $1\mathrm{.}30\backslash )$ per share on the preferred stock outstanding, to be paid early next year.

g$.$ Declared and issued an $\backslash (5\backslash \%\backslash )$ stock dividend on the common stock when the market price per share of common stock was $\backslash (\backslash$$ $17\backslash ).$

Problem $8-32($Algo$)$ Part $1-$ Journal Entry

Prepare the journal entries to record each of the above 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 $1$ & a$.$ & Cash & $($ & $49,200$ & $\backslash \backslash$

$\backslash$hline & & Preferred stock & $\backslash (\backslash$checkmark $\backslash )$ & & $49,200\backslash \backslash$

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

$\backslash$hline $2$ & b$.$ & Land & $\backslash (\backslash$checkmark $\backslash )$ & $122,400$ & $\backslash \backslash$

$\backslash$hline & & Preferred stock & $\backslash (\backslash$checkmark $\backslash )$ & & $115,200\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital & $($ & & $7,200\backslash \backslash$

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

$\backslash$hline $3$ & c$.$ & Cash & $\backslash (\backslash$checkmark $\backslash )$ & $266,000$ & $\backslash \backslash$

$\backslash$hline & & Common stock & $\backslash (\backslash$cdot $\backslash )$ & & $114,000\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital & $($ & & $152,000\backslash \backslash$

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

$\backslash$hline $4$ & d$.$ & Treasury stock & $\backslash (\backslash$checkmark $\backslash )$ & $85,280\backslash (\backslash$cdot $\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Cash & $\backslash (\backslash$cdot $\backslash )$ & & $85,280\backslash \backslash$

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

$\backslash$hline $5$ & e$.$ & Cash & $\backslash (\backslash$checkmark $\backslash )$ & $\backslash (41,400>\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Treasury stock & $\backslash (\backslash$checkmark $\backslash )$ & & $36,800(\backslash \backslash$

$\backslash$hline & & Additional paid$-$in capital & $\backslash (\backslash$cdot $\backslash )$ & & $4,600\backslash \backslash$

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

$\backslash$hline $6$ & f$.$ & Retained earnings & $\backslash (\backslash$checkmark $\backslash )$ & $\backslash (1,781>\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Dividends payable & $\backslash (\backslash$cdot $\backslash )$ & & $\backslash (1,781>\backslash )\backslash \backslash$

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

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

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

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

$\backslash$hline

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