chapter 14 q 3

Ellalane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 7% preferred stock It is also authorized to issue 1,750,000 shares of $1 par value common stock, In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,500 shares of its own common stock at $18 per share. Apr. 10 Reissued 1,250 shares of its common stock held in the treasury for $22 per share. Jun. 12 Reissued 1,250 shares of common stock at $16 per share. Ellalane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 7% preferred stock It is also authorized to issue 1,750,000 shares of $1 par value common stock, In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,500 shares of its own common stock at $18 per share. Apr. 10 Reissued 1,250 shares of its common stock held in the treasury for $22 per share. Jun. 12 Reissued 1,250 shares of common stock at $16 per share