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Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2021,
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2021, its first year of operations:
January | 2 | Issues 100,000 shares of common stock for $28 per share. | ||
February | 6 | Issues 2,300 shares of 8% preferred stock for $12 per share. | ||
September | 10 | Purchases 10,000 shares of its own common stock for $33 per share. | ||
December | 15 | Resells 5,000 shares of treasury stock at $38 per share. |
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.)
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