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1. Record the issuance of 100,000 shares of common stock for $19 per share. 2. Record the issuance of 1,400 shares of 9% preferred stock
1. Record the issuance of 100,000 shares of common stock for $19 per share.
2. Record the issuance of 1,400 shares of 9% preferred stock for $11 per share.
3. Record the purchase of 11,000 shares of its own common stock for $24 per share.
4. Record the resale of 5,500 shares.
Finishing Touches has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,e00 shares of common stock for $19 per share. 6 Issues 1,400 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $24 per share December 15 Resells 5,500 shares of treasury stock at $29 per share February Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 Record the resale of 5,500 shares. Note: Enter debits before credits. General Journal Debit Credit Date December 15, 2021 Record entry Clear entry View general journalStep by Step Solution
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