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Problem 1 This case focuses on selected transactions from the first year of operations of Zoogle Corporation, which was incorporated on January 1 for the purpose of operating a lost-pet search business. authorized the following stock: Common stock, S0.10 par value, 20,000 shares Preferred stock, 5 percent noncumulative, $100 par value, 5,000 shares The charter The following summarized transactions were completed on the dates indicated: a Jan. 1 Issued a total of 8,000 shares of SO.10 par value common stock for cash at $50 per share b Feb. 1 Issued 2,000 shares of preferred stock at $102 per share; cash collected in full. C. July 1 Purchased 400 shares of common stock that had been issued earlier. Zoogle Corporation paid the stockholder $54 per share for the stock, which is currently held in treasury. Aug. I Issued 30 shares of the common treasury stock at $54 per share. The board declared a cash dividend on the preferred stock, payable on December 22 to stockholders of record as of December 15. e. Dec. 1 f. Dec. 22 The cash dividends declared on December 1 were paid. Problem 1 This case focuses on selected transactions from the first year of operations of Zoogle Corporation, which was incorporated on January 1 for the purpose of operating a lost-pet search business. authorized the following stock: Common stock, S0.10 par value, 20,000 shares Preferred stock, 5 percent noncumulative, $100 par value, 5,000 shares The charter The following summarized transactions were completed on the dates indicated: a Jan. 1 Issued a total of 8,000 shares of SO.10 par value common stock for cash at $50 per share b Feb. 1 Issued 2,000 shares of preferred stock at $102 per share; cash collected in full. C. July 1 Purchased 400 shares of common stock that had been issued earlier. Zoogle Corporation paid the stockholder $54 per share for the stock, which is currently held in treasury. Aug. I Issued 30 shares of the common treasury stock at $54 per share. The board declared a cash dividend on the preferred stock, payable on December 22 to stockholders of record as of December 15. e. Dec. 1 f. Dec. 22 The cash dividends declared on December 1 were paid