JOURNALACCOUNTING EQUATION\ Score: 193/224\ DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY\ Apr. 3\ Cash\ 3,080,000.00\ \ Common Stock\ 1,100,000.00\ \ Paid-In Capital in Excess of Par-Common Stock\ 1,980,000.00\ \ b.\ Cash\ 1,320,000.00\ \ Preferred Stock\ 1,200,000.00\ \ Paid-In Capital in Excess of Par-Preferred Stock\ 120,000.00\ \ c\ Treasury Stock\ 1,600,000.00\ \ Cash\ 1,600,000.00\ \ d\ Cash\ 1,680,000.00\ \ Treasury Stock\ 1,050,000.00\ \ Paid-In Capital from Sale of Treasury Stock\ 630,000.00\ \ E\ Cash\ 320,000.00\ \ Paid-In Capital from Sale of Treasury Stock\ 80,000.00\ \ Treasury Stock\ 400,000.00\ \ f\ Cash Dividends\ 349,200.00\ \ Cash Dividends Payable\ g\ Cash Dividends Payable\ Cash\ Points:\ 37.05 / 43\ Check My Work\ a. What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded?\ b. What is the company receiving for issuing the shares? At what value do the common and preferred stock accounts have to be recorded?\ c. The purchase of treasury stock is typically recorded using the cost method.\ d. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacquire these shares.\ e. What is the company selling? Pay attention to the price these shares are being sold for and the price originally paid to reacquire these shares.\ f. On the date of declaration of a cash dividend, the corporation is legally obligated to pay that dividend. Keep in mind the previous stock transactions that have occurred; would these transactions have any affect on the amount of the cash dividend?\ g. What will the stockholders receive from the company on this date?\ \\\\