ge age 7 Exer 2 - Record the following in the general journal: 3/1- Your Co. issued 1200 shares of preferred stock ($1 per share par value) and received a total of $9600. 5/8- Your Co. issued 6000 shares of common stock ($2 per share par value) and received a total of $150000. 7/5- Your Co. declared a dividend of $0.5 per share on its $2 per share par value common stock. It issued 60000 shares, authorized 180000, & 30000 shares are outstanding. 9/8- Your Co. purchased back 900 shares of its own common stock (par value of $2 per share) paying a total of $27000. 12/1- Your Co. paid $10800 in dividends declared last year. General Journal Date Account/Explanation PR Debit Credit X X bloa 14 x uto- 15 (Issue 1200 shares preferred stock) 17 5/8/10 Cash | Common Stock Paid in Capital Excess Par-Common (Issue 6000 shares common stock) 20 xxx xx xxx 22 7/5/10 23 24 25 (Declare $0.50 per share dividend) 9/8/10 (Purchase back Your Co. stock) 30 31 xxx xxx xx xx 12/1/10 32 33 34 sics (Pay dividends) 35 36 Phy 38