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Part A Directions: Prepare journal entries for the following 2017 equity account related transactions. Feb 1 Issued 10,000 shares of $5 par value common stock
Part A Directions: Prepare journal entries for the following 2017 equity account related transactions. Feb 1 Issued 10,000 shares of $5 par value common stock at $30 cash per share. Jul 1 Issued 10,000 shares of $25 par value preferred stock at $120 cash per share Aug 1 Purchased back 3,000 shares of common stock at $31 cash per share. Oct 1 Resold 1,200 shares of treasury stock at $32 cash per share. Nov 1 Issued 2000 shares of common stock in exchange for equipment valued at $25,000.
Part B Directions: Complete the equity section of the 2017 Balance Sheet. There are 100,000 preferred shares authorized | ||||||
and 100,000 common share authorized. Ending Retained Earnings = $295,000. | ||||||
Balance Sheet - Stockholder's section | ||||||
Paid-in Capital: | ||||||
Preferred Stock, $25 par, 100,000 shares authorized, 10,000 shares issued | ||||||
and outstanding | ||||||
Common Stock, $5 par, 100,000 shares authoirzed, 7000 shares issues with | ||||||
1800 shares in Treasury | ||||||
Additional Paid-in Capital: | ||||||
Paid in capital in excess of par, Preferred Stock | ||||||
Paid in capital in excess of par, Common Stock | ||||||
Paid in capital in excess of par, Treasury Stock | ||||||
Retained Earnings | ||||||
Less: Treasury Stock | ||||||
Total Stockholder's Equity | ||||||
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