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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 2018,
Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2018, its first year of operations: January 2 Issues 100,000 shares of common stock for $18 per share. February 6 issues 1,300 shares of 7% preferred stock for $13 per share. September 10 Repurchases 12,000 shares of its own common stock for $23 per share. December 15 Reissues 6,000 shares of treasury stock at $28 per share. Required: Record each of these transactions. If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list 1 Issues 100,000 shares of common stock for $18 per share. Issues 1,300 shares of 7% preferred stock for $13 per share. 3 Repurchases 12,000 shares of its own common stock for $23 per share. Credit 4 Reissues 6,000 shares of treasury stock at $28 per share. /
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