Problem 11-5A Pringle Corporation has been authorized to issue22,800shares of $100par value,7%, noncumulative preferred stock and1,175,400shares of no-par common stock. The corporation assigned a $4stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders equity.

Preferred Stock	$145,000
Paid-in Capital in Excess of Par ValuePreferred Stock	21,910
Common Stock	2,000,000
Paid-in Capital in Excess of Stated ValueCommon Stock	1,563,000
Treasury Stock (5,540common shares)	60,940
Retained Earnings	85,000

The preferred stock was issued for $166,910cash. All common stock issued was for cash. In November5,540shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014.

Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1)	Issuance of preferred stock for cash.
(2)	Issuance of common stock for cash.
(3)	Purchase of common treasury stock for cash.

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.

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Prepare the stockholders equity section of the balance sheet at December 31, 2014. PRINGLE CORPORATION Partial Balance Sheet December 31, 2014

	$

$

	$

:

$ Show List of Accounts Link to Text

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