4 Journal entries are required:

1. Record the issuance of 100,000 shares of common stock for $21 per share.

2. Record the issuance of 1,600 shares of 7% preferred stock for $13 per share.

3. Record the purchase of 12,000 shares of its own common stock for $26 per share.

4. Record the resale of 6,000 shares.

Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $21 per share February 6 Issues 1,600 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $26 per share. December 15 Resells 6,000 shares of treasury stock at $31 per share. 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.) View transaction list Journal entry worksheet 2 3 4 Record the issuance of 100,000 shares of common stock for $21 per share. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2021