Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common.
Question:
January 2 Issues 100,000 shares of common stock for $25 per share.
February 6 Issues 2,000 shares of 8% preferred stock for $12 per share.
September 10 Repurchases 10,000 shares of its own common stock for $30 per share.
December 15 Reissues 5,000 shares of treasury stock at $35 per share.
Required:
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,...
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January 2 2012 Debit Credit Cash 100000 x 25 2500000 Co...View the full answer
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Related Book For 
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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