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Argo Wireless needed additional capital to expand its operations, so the business incorporated. Argo Wireless is authorized to issue 50,000 shares of 8%, $50 par
Argo Wireless needed additional capital to expand its operations, so the business incorporated. Argo Wireless is authorized to issue 50,000 shares of 8%, $50 par value preferred stock and 160,000 shares of $4 par value common stock. During its first year, Argo Wireless had the following transactions: Jan. 2 Jan. 6 Jan. 10 Mar 5 Jul. 30 Issued 19,000 shares of common stock for $6 per share. Issued 600 shares of preferred stock for $140 per share. Split common stock 2-for-1. Purchased 1,000 shares of treasury stock for $8 per share. Declared a $2,400 cash dividend on preferred stock and a $1 per share cash dividend on common stock for stockholders of record on Aug 31. Paid the cash dividend. Sold 500 shares of treasury stock for $10 per share. Sold 300 shares of treasury stock for $4 per share. Sep. 1 Oct. 26 Nov. 30 Record the transactions for Argo Wireless
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