These are Questions 5-8

Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 600,000 shares of common stock at par for cash. Feb. 5 Feb. 5. Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5 Apr. 9. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, and $85,000 respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr. 9 June 14. Issued 30,000 shares of preferred stock at $53 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. June 14 Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $1,250,000 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No entry required" and leave the amount boxes blank. July 9 Aug. 31 - Oct. 1 Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 40,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 30,000 of the reacquired shares at $50 per share. The remaining 10,000 shares were sold at $43 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. For a compound transaction, if an amount box does not require an entry, leave it blank. July 9 Sept. 22 Nov. 23 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Mystic Lake Inc. have purchased the treasury stock? Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: $3,060,000 115,000 Common Stock, $45 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock 272,000 20,553,000 324,000 Prepare the Stockholders' Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired. Goodale Properties Inc. Stockholders' Equity June 30 Paid-In Capital: Total Paid-In Capital Total Total Stockholders' Equity