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Could you please help me answer the question below. Prepare the appropriate journal entries, if required, for the following items: Sold 250,000 shares common stock
Could you please help me answer the question below.
Prepare the appropriate journal entries, if required, for the following items:
- Sold 250,000 shares common stock at $5 cash each, $.01 par value
- Bought back 1,000 shares of company common stock at $6 a share to use for management incentives etc.
- Issued 100,000 shares of preferred stock for cash, $0.10 par value, for $30 a share.
- 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.
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