Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Be sure to answer all four parts of this question, and to format your entries appropriately. Prepare the appropriate journal entries, if required, for the
Be sure to answer all four parts of this question, and to format your entries appropriately. Prepare the appropriate journal entries, if required, for the following items: a. Sold 200,000 shares common stock at $3 cash each, $.01 par value b. Bought back 5,000 shares of company common stock at $8 a share to use for management incentives etc. c. Issued 100,000 shares of preferred stock for cash, $0.10 par value, for $20 a share. d. Company declared a 2 for 1 stock split when there were 2,000,000 shares outstanding. Note: Make sure to format your entries properly, whether you are using a table or plain text entry
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started