Squires Inc was organized on January 2, 2012, with authorized capital stock consisting of 40,000 shares of 10 , $200 par value preferred, and 300,000 shares of no par, no stated value common During the first two years of the company 's existence, the following selected transactions took place 2012 ...

1 2012 Jan 2 Cash 15000 shares 14 210000 Common Stock 210000 2 Cash 4000 shares 211 844000 Preferred Stock 200 par 800000 Paidln Capital in Excess of ...

Squires Inc. was organized on January 2, 2012, with authorized capital stock consisting of 40,000 shares of

Question:

Squires Inc. was organized on January 2, 2012, with authorized capital stock consisting of 40,000 shares of 10%, $200 preferred, and 300,000 shares of no-par, no stated value common. During the first two years of the company's existence, the following selected transactions took place:
2012
Jan. 2 Sold 15,000 shares of at $14.
2 Sold 4,000 shares of preferred stock at $211.
Mar. 2 Sold as follows: 11,300 shares at $19; 3,900 shares at $24.
July 10 Acquired a nearby piece of land, appraised at $500,000, for 800 shares of preferred stock and 34,000 shares of common. (Preferred stock was recorded at $211, the balance being assigned to common.)
Dec. 16 Declared the regular preferred and a $1.75 common Paid dividends declared on December 16.
31 Assume that revenues and expenses were closed to a temporary account, Income Summary. The income summary account showed a credit balance of $600,000, which was transferred to Retained Earnings.
2013
Feb. 27 Reacquired 11,000 shares of at $18. The treasury stock is carried at cost. (State law requires that an appropriation of Retained Earnings be made for the purchase price of treasury stock. Appropriations are to be returned to Retained Earnings upon resale of the stock.)
June 17 Resold 8,000 shares of the treasury stock at $21.
July 31 Resold all of the remaining treasury stock at $16.
Sept. 30 Sold 17,000 additional shares of at $22.
Dec. 16 Declared the regular preferred and a $0.70 common Dividends declared on December 16 were paid.
31 The income summary account showed a credit balance of $550,000, which was transferred to Retained Earnings.
Instructions:
1. Give the journal entries to record these transactions.
2. Prepare the Stockholders' Equity section of the as of December 31, 2013.
Common Stock
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