Accounting 1A Chapter 12 - Corporations: Organization, Stock Transactions and Dividends Stock Journal Entries Practice Problem 1 The following selected accounts appear in the ledger of Montgomery Corp. on January 1, Preferred 8% Suck, so par (15,000 shares authorized 5,000 shares issued) $ 400,000 Paid-in Capital in Excess of Par - Preferred Stock $ 40,000 Common Stock, 510 par (50.000 shares authorized, 20,000 shates issued) $ 200,000 Paid-in Capital in Excess of Par - Common Stock $ 400,000 Retained Eamings $ 80,000 Journalize: Issue of 3,000 share of common stock at $25, receiving cash GENERAL JOURNAL Page Date Description Post Debit Credit Purchased 2,000 shares of treasury common for $40,000 GENERAL JOURNAL Page Date Description Post Debit Credit Sold 510 shares of treasury common for $11,220 GENERAL JOURNAL Page Date Description Post Debit Credit Sold 180 shares of treasury common for $3,420 GENERAL JOURNAL Page Date Description Post Debit Credit Declared a cash dividend of $6.40 per share on preferred stock and S1 per share on common stock GENERAL JOURNAL Page Date Description Post Debit Credit