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The following information applies to the questions displayed below. Refer to the following transactions. a. Sold 8,200 shares of $50 par value 7% preferred stock
The following information applies to the questions displayed below. Refer to the following transactions. a. Sold 8,200 shares of $50 par value 7% preferred stock at par. b. Declared the annual dividend on the preferred stock. c. Purchased 1,300 shares of preferred stock for the treasury at $54 per share. d. Issued 4,000 shares of $1 par value common stock in exchange for land valued at $226,000. e. Sold 600 shares of the treasury stock purchased in transaction c for $58 per share f. Split the common stock 2 for 1 value: 10.00 points Required information Required Show how 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. Transaction Cash Other Assets Liabilities Paid-in Capital Retained Earnings Treasury Stock Net Income a. b. C
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