Top Tech, Inc. Stockholders' Equity Section at the end of last year was as follows:

Paid In capital:

Preferred Stock, 100,000 Shs. Authorized, 20,000 Outstanding, $10 Par, 3% dividend rate 200,000

Common Stock, 50,000 Shs. Issued and Outstanding, No Par 1,350,000

Total Paid in Capital 1,550,000

Retained Earnings 275,200

Total Stockholders' Equity 1,825,200

Req. #1, give general journal entries for the following transactions that took place this year:

1 Sold 5,000 shares of Pfd. Stock for $13/Sh.

2 Bought back 2,000 shs of the common stock that were outstanding. Paid $18/Sh.

3 Sold 1,500 of the shares bought back in prior transaction. Received $15/Sh.

4 Give 3rd closing enrty with the corp. losing 23,000 for the year.

Req. #2 prepare Top Tech, Inc. Stockholders' Equity Section at the end of this year.

Req. #3 calculate common stock book value per share at the end of last year and at the end of this year.

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