Layes Corporation has been authorized to issue 20,000 shares of $100 par value, 7%, noncumulative preferred sto and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2022, the ledger contained the pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,000 common shares) Retained Earnings Accumulated Other Comprehensive Income $150,000 Your Answer 20,000 2,000,000 1,520,000 36.000 82,000 51,000 4 The preferred stock was issued for $170,000 cash. All common stock issued was for cash. In November 4,000 share were purchased for the treasury at a per share cost of $9. No dividends were declared in 2022. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.)

Layes Corporation has been authorized to issue 20,000 shares of $100 par value, 7%, noncumulative preferred sto and 1.000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2022, the ledger contained the pertaining to stockholders' equity. The preferred stock was issued for $170,000 cash. All common stock issued was for cash. In November 4,000 share were purchased for the treasury at a per share cost of $9. No dividends were declared in 2022. Prepare the journal entries for the following (Credit account titles are automaticolly indented when amount is entere manually. If noe entry is required, select 'No Entry for the account titles and enter ofor the amourts.)