Rodriguez Corporation issues 17,000 shares of its common stock for $368,700 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1 The stock has a $20 par value. 2 The stock has neither par nor stated value. 3. The stock has a $10 stated value View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cash 368,700 Common stock, $20 par value 340,000 Paid-in capital in excess of par value, common stock 28,700 2 2 Cash 368700 Common stock, no-par value 368,700 3 3 Cash 368,700 Common stock, $10 stated value Paid-in capital in excess of stated value, common stock 1 A corporation issued 4,000 shares of $20 par value common stock for $96,000 cash. 2 A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,000. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $108,000 cash. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 Organization expenses 58,000 Common stock, no-par value 58,000 Organization expenses 58,000 2,000 Common stock, $3 stated value 56,000 Paid-in capital in excess of stated value, common stock 96,000 3 Cash 80,000 Common stock, $20 par value 16,000 Paid-in capital in excess of par value. Common stock 108.000 4 Cash 1,000 Preferred stock. $50 par value 107.000 Paid-in capital in excess of par value preferred stock Common stock-$10 par value, 96,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity 960.000 336,000 1,056,000 $2,352,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 7,400 shares of its own common stock at $49 per share on October 11. b. Sold 1,600 treasury shares on November 1 for $55 cash per share. c. Sold all remaining treasury shares on November 25 for $44 cash per share. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Treasury stock 362600 1 a 362,600 Cash 88.000 2 b. Cash 78,400 Treasury stock 9,600 Paid-in capital, treasury stock 3 Cash Paid-in capital treasury stock Retained earnings Treasury stock The following information is available for Amos Company for the year ended December 31, 2017 a. Balance of retained earnings, December 31, 2016, prior to discovery of error, $868,000. b. Cash dividends declared and paid during 2017, $17,000. c. It neglected to record 2015 depreciation expense of $45,600, which is net of $6,300 in tax benefits. d. The company eamed $221,000 in 2017 net income. Prepare a 2017 statement of retained earnings for Amos Company (Amounts to be deducted should be indiceted with a minus sign.) AMOS COMPANY Statement of Retained Earnings For Year Ended December 31, 2017 Prior period adjustment
