11 5A Problem 11 5A Pringle Corporation has been authorized to issue20,600shares of $100par value,7 , noncumulative preferred stock and1,144,400shares of no par common stock The corporation assigned a $5stated value to the common stock At December 31, 2014, the ledger contained the following balances pertaining to stockholders equity Preferred Stock $151,400 Paid in Capital in Excess of Par ValuePreferred Stock 21,990 Common Stock 2,070,000 Paid in Capital in Excess of Stated ValueCommon Stock 1,472,000 Treasury Stock (3,990common shares) 43,890 Retained Earnings 82,900 The preferred stock was issued for $173,390cash All common stock issued was for cash In November3,990shares of common stock were purchased for the treasury at a per share cost of $11 No dividends were declared in 2014 Warning Don't show me this message again for the assignment Ok Cancel Prepare the journal entries for the following (Credit account titles are automatically indented when amount is entered Do not indent manually ) (1) Issuance of preferred stock for cash (2) Issuance of common stock for cash (3) Purchase of common treasury stock for cash No Account Titles and Explanation Debit Credit 1 2 3 Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts Link to Text Link to Text Link to Text Prepare the stockholders equity section of the balance sheet at December 31, 2014 PRINGLE CORPORATION Partial Balance Sheet December 31, 2014 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital $ Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital $ Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital $ Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital AddLess Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital $ Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts Link to Text Question Attempts 0 of 3 used Save for later Submit Answer Copyright 2000 2016 by John Wiley Sons, Inc or related companies All rights reserved Tooltip JS control id intjsTooltip 1 Warning Your instructor has reset your attempts for this question The question will reload in the original state Click Continue to proceed with the question CONTINUE img height 1 width 1 alt src googleads g doubleclick net pagead viewthroughconversion 944609404 value 0 guid ON script 0 div gt

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11-5A Problem 11-5A Pringle Corporation has been authorized to issue20,600shares of $100par value,7%, noncumulative preferred stock and1,144,400shares of no-par common stock. The corporation assigned a

11-5A

Problem 11-5A Pringle Corporation has been authorized to issue20,600shares of $100par value,7%, noncumulative preferred stock and1,144,400shares of no-par common stock. The corporation assigned a $5stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders equity.

Preferred Stock	$151,400
Paid-in Capital in Excess of Par ValuePreferred Stock	21,990
Common Stock	2,070,000
Paid-in Capital in Excess of Stated ValueCommon Stock	1,472,000
Treasury Stock (3,990common shares)	43,890
Retained Earnings	82,900

The preferred stock was issued for $173,390cash. All common stock issued was for cash. In November3,990shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014.

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Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1)	Issuance of preferred stock for cash.
(2)	Issuance of common stock for cash.
(3)	Purchase of common treasury stock for cash.

No.	Account Titles and Explanation	Debit	Credit
1.


2.


3.

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Prepare the stockholders equity section of the balance sheet at December 31, 2014.

PRINGLE CORPORATION Partial Balance Sheet December 31, 2014
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
	$

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital	$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
	$

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
AddLess:
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital	$