Fagan Co had these transactions during the current period June 12 Issued 80,000 shares of $1 par value common stock for cash of $300,000 July 11 Issued 3,000 shares of $100 par value preferred stock for cash at $106 per share Nov 28 Purchased 2,000 shares of treasury stock for $9,000 Instructions P...

June 12 Cash 300000 Common Stock 80000 X 1 80000 Paidin Capita ...

Fagan Co. had these transactions during the current period. June 12 Issued 80,000 shares of $1 par

Question:

Fagan Co. had these transactions during the current period.
June 12 Issued 80,000 shares of $1 for cash of $300,000.
July 11 Issued 3,000 shares of $100 preferred stock for cash at $106 per share.
Nov 28 Purchased 2,000 shares of treasury stock for $9,000.

Instructions
Prepare the journal entries for the Fagan Co. transactions shown on page 605.

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,...