Problem 11-5A

Pringle Corporation has been authorized to issue23,400shares of $100par value,7%, noncumulative preferred stock and1,175,000shares of no-par common stock. The corporation assigned a $5stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders? equity.

Preferred Stock	$141,000
Paid-in Capital in Excess of Par Value?Preferred Stock	22,360
Common Stock	2,060,000
Paid-in Capital in Excess of Stated Value?Common Stock	1,552,000
Treasury Stock? (3,920common shares)	39,200
Retained Earnings	82,100

The preferred stock was issued for $163,360cash. All common stock issued was for cash. In November3,920shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2014.

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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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Problem 11-5A Pringle Corporation has been authorized to issue 23,400 shares of $100 par value, 7%, noncumulative preferred stock and 1,175,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par ValuePreferred Stock Common Stock Paid-in Capital in Excess of Stated ValueCommon Stock Treasury Stock (3,920 common shares) Retained Earnings $141,000 22,360 2,060,000 1,552,000 39,200 82,100 The preferred stock was issued for $163,360 cash. All common stock issued was for cash. In November 3,920 shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2014. Don't show me this message again for the assignment 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. Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Link to Text Prepare the stockholders' equity section of the balance sheet at December 31, 2014. PRINGLE CORPORATION Partial Balance Sheet December 31, 2014 $ $ $ : $