Problem #2 Worth 12.5 Points

Record each of the following transactions for the Toyota Corporation in general journal form.

Down load and use the " Treasury Stock Final Exam blank journal paper" form for this problem, which you can find in your Files Section of this Canvas class.

Assume that Treasury Stock transactions are recorded using the cost method.

Retained earnings has a balance of $450,000 in it.

(a) Issued 30,000 shares of 9%, $20 parPreferred Stock at $26 each share.

(b) Issued 50,000 shares of $3 par value Common Stock at $33 each share.

(c) Re-purchased 4,000 shares of its outstanding Preferred Stock at $28 each share.

(d) Re-Purchased 6,000 shares of its outstanding Common Stock at $35 each share.

(e) Re-issued 1,000 shares of its Common Treasury Stock at $37 each share.

(f) Re-issued 500 shares of its Common TreasuryStock at $32 per share.

(g) Re-issued 1,200 shares of its Preferred Treasury Stock at $32 per share.

(h) Re-issued 620 shares of Preferred Treasury Stock at $20 each share.