The statement of cash flows of Spirit, Inc., reported the following for the year ended December 31,

Question:

The statement of cash flows of Spirit, Inc., reported the following for the year ended December 31, 2012:

Cash flows from financing activities (amounts in millions)

Cash dividends paid ............................................................... $(1,832)

Issuance of common stock at par value .................................. 1,512

Proceeds from issuance of long-term notes payable ................ 57

Purchases of treasury stock .................................................... (3,100)

Payments of long-term notes payable ..................................... (161)

Requirement

Make the journal entry that Spirit would use to record each of these transactions.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...