Refer to the following transactions Sold 4,100 shares of $50 par value preferred stock at $52 50 per share Declared the annual cash dividend of $2 20 per share on common stock There were 5,600 shares of $1 par value common stock issued and outstanding throughout the year Issued 8,000 shares of $50 par value preferred stock in exchange for a building when the market price of preferred stock was $54 per share Purchased 1,700 shares of preferred stock for the treasury at a price of $57 per share Sold 1,100 shares of the preferred stock held in treasury (seed) for $58 per share Declared and issued a 12 stock dividend on the $1 par value common stock (seeb) when the market price per share was $44 Required Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus ( ) or minus () sign and the amount in the appropriate column Do not show items that affect net income in the retained earnings column Prepare the journal entries to record each of the above transactions (If no entry is required for a transaction event, select No journal entry required in the first account field )

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Posted on Jun 21, 2024

Refer to the following transactions. Sold 4,100 shares of $50 par value preferred stock at $52.50 per share. Declared the annual cash dividend of $2.20

Refer to the following transactions.

Sold 4,100 shares of $50 par value preferred stock at $52.50 per share.
Declared the annual cash dividend of $2.20 per share on common stock. There were 5,600 shares of $1 par value common stock issued and outstanding throughout the year.
Issued 8,000 shares of $50 par value preferred stock in exchange for a building when the market price of preferred stock was $54 per share.
Purchased 1,700 shares of preferred stock for the treasury at a price of $57 per share.
Sold 1,100 shares of the preferred stock held in treasury (seed) for $58 per share.
Declared and issued a 12% stock dividend on the $1 par value common stock (seeb) when the market price per share was $44.

Required:

Show the effect (if any) of each of the above transactions on each financial statement category by selecting a plus (+) or minus () sign and the amount in the appropriate column. Do not show items that affect net income in the retained earnings column.

Prepare the journal entries to record each of the above transactions.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)