Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Jan. 20 Mar. 31 June 25 July 15 Issued 25,000 shares of $5 par value common stock at $17 cash per share. Issued 6,000 shares of $50 par value, 8% preferred stock at $78 cash per share. Purchased 3,000 shares of its own common stock at $20 cash per share. Sold 2,000 shares of the treasury stock at $26 cash per share. Sold the remaining 1,000 shares of treasury stock at $19 cash per share. Required a. Using the financial statement effects template, illustrate the effects of these transactions. Use negative signs with answers when appropriate. When applicable, enter total amount for contributed capital. Balance Sheet Income Statement Transaction Cash Asset + $ 425000 + $ 468000 + -60000 + 52000 + 19000 + 1/15 1/20 3/31 6/25 7/15 Noncash Asset = H Liabilities + $ b. Prepare the journal entries for these transactions. + $ + + + + Contrib. Earned Capital + Capital 125000 + $ 300000 + 300000 + 168000 + + 12000 -1000- $ Contra- Equity -60000 40000 20000 Revenues $ - Expenses = Net Income $ $

Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp. reports the following transactions relating to its stock accounts. Recuired a. Using the finanoal statement effects template. illustrate the effects of these transactions. Use negative signs with answers when appropriate. When applicable, enter total amount for contributed capital. b. Prepare the journal entries for these transactions