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Prepare entries for stock transactions, and prepare a stockholders' equity section. Hartwell Corporation has been authorized to issue 25000 shares of $100 par value, 8%,
Prepare entries for stock transactions, and prepare a stockholders' equity section. Hartwell Corporation has been authorized to issue 25000 shares of $100 par value, 8%, noncumulative preferred stock and 1000000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $400000 Paid-in Capital in Excess of Par Value-Preferred Stock 52000 Common Stock 2400000 Paid-in Capital in Excess of Stated value- Common stock 6600000 Treasury Stock (40000 common shares) 680000 Retained Earnings 3630000 The preferred stock was issued for $452000 cash. All common stock issued was for cash. In November 40000 shares of common stock were purchased for the treasury at a per share cost of $17. No dividends were declared in 2014 Prepare the journal entries for the following Issuance of preferred stock for cash. Issuance of common stock for cash Purchase of common treasury stock for cash Prepare the stockholders equity section of the balance sheet at December 31, 2014
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