Q)

Awesome Corporation is authorized to issue both preferred and common stock. Awesone's preferred stock is S106 par, 6% preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation: March 1 Issued 21,000 shares of S0.45 par value common stock for cash at $5.40 per share March 11 Issued 1,000 shares of preferred stock at par March 16 Purchased 2,800 shares of common stock to be held in the treasury for S15 per share Issued 38,000 shares $0.45 par value common stock for cash at S6 per share March 18 March 20 Sold 2,500 shares of the treasury stock purchased on the 16th for $20 per share Declared a $16,000 dividend March 31 Show how each transaction would affect the accounting equation. Some of the account names will be abbreviated. March 1: Issued 21,000 shares of $0.45 par value common stock for cash at $5.40 per share (Use parentheses or a minus sign when entering component decreases or contra account increases. Use only the necessary Input lines.) Shareholders' Equity + Contributed Capital + Assets Liabilitios Retained Earnings Account Account Account Account APIC Common stock Dividends Div. pay PIC-TS Preferred stock RE Treasury stock