The following selected accounts appear in the ledger of Okie

The following selected accounts appear in the ledger of Okie Environmental Corporation on August 1, 2010, the beginning of the current fiscal year:


Preferred 2% Stock, $50 par (40,000 shares authorized, 20,000 shares issued)... Paid-In Capital in Excess of Par-Preferr


During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
(a) Issued 17,500 shares of common stock at $81, receiving cash.
(b) Issued 8,000 shares of preferred 2% stock at $63.
(c) Purchased 5,000 shares of treasury common for $390,000.
(d) Sold 3,000 shares of treasury common for $240,000.
(e) Sold 1,000 shares of treasury common for $75,000.
(f) Declared cash dividends of $1 per share on preferred stock and $0.80 per share on common stock.
(g) Paid the cash dividends.
Instructions
Journalize the entries to record the transactions. Identify each entry byletter.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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