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Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021,
Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: 2 Issues 100,000 shares of common stock for $21 per share. January February 6 Issues 1,600 shares of 7% preferred stock for $13 per share. 10 Purchases 12,000 shares of its own common stock for $26 per share. 15 Resells 6,000 shares of treasury stock at $31 per share. September December Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list X Import a new list Record the issuance of 100,000 shares of common stock for $21 per share. 1 share. 2 Record the issuance of 1,600 shares of 7% preferred stock for $13 per share. Record the purchase of 12,000 shares of its own common 3 stock for $26 per share Credit Record the resale of 6,000 shares. 4
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