Mohawk Company had the following transactions related to its common and preferred stock: March 22 ........... Sold
Question:
March 22 ........... Sold 180,000 shares of $1 par common stock for $33 per share.
....................... Sold 1,500 shares of $5 par preferred stock at $11 per share.
November 9 ....... Repurchased 25,000 shares of the common stock at $35 per share.
Required:
Prepare the journal entries for 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...
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Journal Date Account and Explanation Debit Credit Mar 22 Cash 5956500 Common Stock a 180000 Addi...View the full answer
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