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help pls On January 5, 2020, Riverbed Corporation received a charter granting the right to issue 5.200 shares of $100 par value, 8% cumulative and
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On January 5, 2020, Riverbed Corporation received a charter granting the right to issue 5.200 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 47,700 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 21,200 shares of common stock at \$16 per share. Feb. 1 Issued to Sanchez Corp. 4.200 shares of preferred stock for the following assets: equipment with a fair value of $54,900; a factory building with a fair value of $170,000; and land with an appraised value of $252.000. July 29 Purchased 1,900 shares of common stock at $16 per share. (Use cost method.) Aug. 10 Sold the 1.900 treasury shares at $15 per share. Dec. 31 Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $188,100 net income. On January 5, 2020, Riverbed Corporation received a charter granting the right to issue 5,200 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 47,700 shares of $10 par value common stock. It then completed these transactions. Jan, 11 Issued 21,200 shares of common stock at $16 per share. Feb.1 Issued to Sanchez Corp. 4,200 shares of preferred stock for the following assets: equipment with a fair value of $54,900; a factory building with a fair value of $170,000; and land with an appraised value of $252,000. July 29 Purchased 1,900 shares of common stock at $16 per share. (Use cost method.) Aug. 10 Sold the 1,900 treasury shares at $15 per share. Dec. 31 Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend. Dec 31 Closed the Income Summary account. There was a $188,100 net income. Dec31 Paid-in Capital from Treasury Stock Retained Earnings Dec 31 Paid in Capital in Excess of Stated Value - Common Stock \begin{tabular}{|r} \hline 1822 \\ \hline 11881 \\ \hline 10308 \\ \hline \end{tabular} Step by Step Solution
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