Required Informatlon

$[$The following information applies to the questions displayed below.$]$

Refer to the following transactions.

a$.$ Sold $4,700$ previously unissued shares of $$2$ par value common stock for $$17$ per share.

b$.$ Issued $2,000$ shares of previously unissued $5\%$ cumulative preferred stock, $$30$ par value, in exchange for land and a

building appraised at $$60,000.$

c$.$ Declared and paid the annual cash dividend on the preferred stock issued in transaction $b.$

d$.$ Purchased $250$ shares of common stock for the treasury at a total cost of $$4,250.$

e$.$ Declared a cash dividend of $$0\mathrm{.}14$ per share on the common stock outstanding.

Sold $120$ shares of the treasury stock purchased in transaction d at a price of $$33$ per share.

g$.$ Declared and issued a $3\%$ stock dividend on the common stock issued when the market value per share of common

stock was $$26.$

h$.$ Split the common stock $3-$for$-1.$

Prepare the journal entries to record each of the above transactions. You should assume that the transactions occurred in this

chronological sequence and that $42,000$ shares of previously issued common stock remain outstanding. $($Hint: Remember to consider

appropriate effects of previous transactions.$)($If no entry is requlred for a transactlon$/$event$,$ select $"$No journal entry required" In the

flrst account fleld.$)$

Journal entry worksheet

Record the sale of $4,700$ previously unissued shares of $$2$ par value common

stock for $$17$ per share.

Note: Enter debits before credits.Requlred Information

$[$The following information applies to the questions displayed below.$]$

Refer to the following transactions.

a$.$ Sold $4,700$ previously unissued shares of $$2$ par value common stock for $$17$ per share.

b$.$ Issued $2,000$ shares of previously unissued $5\%$ cumulative preferred stock, $$30$ par value, in exchange for land and a

building appraised at $$60,000.$

c$.$ Declared and paid the annual cash dividend on the preferred stock issued in transaction $b.$

d$.$ Purchased $250$ shares of common stock for the treasury at a total cost of $$4,250.$

e$.$ Declared a cash dividend of $$0\mathrm{.}14$ per share on the common stock outstanding.

f$.$ Sold $120$ shares of the treasury stock purchased in transaction d at a price of $$33$ per share.

g$.$ Declared and issued a $3\%$ stock dividend on the common stock issued when the market value per share of common

stock was $$26.$

h$.$ Split the common stock $3-$for$-1.$

Required:

Show the effect $($if any$)$ of each of the above transactions on each financial statement category by selecting a plus $(+)$ or minus $(-)$ and

the amount in the appropriate column. Do not show items that affect net income in the retained earnings column. You should assume

that the transactions occurred in this chronological sequence and that $42,000$ shares of previously issued common stock remain

outstanding. $($Hint: Remember to consider appropriate effects of previous transactions.$)$