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Young Corporation has been operating successfully for several years. It is authorized to issue 2 4 , 0 0 0 shares of no - par
Young Corporation has been operating successfully for several years. It is authorized to issue shares of nopar common stock and shares of $ par preferred stock. The Contributed Capital section of its January balance sheet is as follows:
preferred stock, $ par $
Common stock, no par
Additional paidin capital on preferred stock
$
Part b The company engaged in the following transactions in :
Mar. Issued shares of the preferred stock at a price of $ per share.
Apr. Sold shares of common stock for $ per share.
Issued shares of common stock in exchange for land. The stock is currently selling at $ per share.
June Reacquired shares of common stock at $ per share. The company uses the cost method to account for treasury stock.
Oct. Issued for $ a combination of shares of common stock and shares of preferred stock. The common and preferred stock are currently selling for $ and $ per share, respectively.
Nov. Reissued the shares of treasury stock at $ per share.
Dec. Distributed an $pershare dividend on all preferred stock outstanding and a $pershare dividend on all common stock outstanding on this date debit Retained Earnings and credit Cash for each dividend
Required:
Answer the questions in Part a
Prepare journal entries to record the transactions in Part b
Prepare the Contributed Capital section of Youngs December balance sheet.
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