9.4 elected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (60,000 shares authorized, 30,000 shares issued) $ 5,250,000 Paid - In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $20 par (600,000 shares authorized, 220,000 shares issued) 4,400,000 Paid - In Capital in Excess of Par-Common Stock 570,000 Retained Earnings 23,447,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 60,000 shares of common stock at $25, receiving cash. Issued 15,000 shares of preferred 2% stock at $190. Purchased 36,000 shares of treasury common for $25 per share. Sold 18,000 shares of treasury common for $28 per share. Sold 12,000 shares of treasury common for $23 per share. Declared cash dividends of $3.50 per share on preferred stock and $0.10 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Question Content Area a. Issued 60,000 shares of common stock at $25, receiving cash. blank Question Content Area b. Issued 15,000 shares of preferred 2% stock at $190. blank Question Content Area c. Purchased 36,000 shares of treasury common for $25 per share. blank Question Content Area d. Sold 18,000 shares of treasury common for $28 per share. blank Question Content Area e. Sold 12,000 shares of treasury common for $23 per share. blank Question Content Area f. Declared cash dividends of $3.50 per share on preferred stock and $0.10 per share on common stock. blank Question Content Area g. Paid the cash dividends. blank
9.4 elected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (60,000 shares authorized, 30,000 shares issued) $ 5,250,000 Paid - In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $20 par (600,000 shares authorized, 220,000 shares issued) 4,400,000 Paid - In Capital in Excess of Par-Common Stock 570,000 Retained Earnings 23,447,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 60,000 shares of common stock at $25, receiving cash. Issued 15,000 shares of preferred 2% stock at $190. Purchased 36,000 shares of treasury common for $25 per share. Sold 18,000 shares of treasury common for $28 per share. Sold 12,000 shares of treasury common for $23 per share. Declared cash dividends of $3.50 per share on preferred stock and $0.10 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Question Content Area a. Issued 60,000 shares of common stock at $25, receiving cash. blank Question Content Area b. Issued 15,000 shares of preferred 2% stock at $190. blank Question Content Area c. Purchased 36,000 shares of treasury common for $25 per share. blank Question Content Area d. Sold 18,000 shares of treasury common for $28 per share. blank Question Content Area e. Sold 12,000 shares of treasury common for $23 per share. blank Question Content Area f. Declared cash dividends of $3.50 per share on preferred stock and $0.10 per share on common stock. blank Question Content Area g. Paid the cash dividends. blank
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Manji
Transcribed Image Text:9.4 elected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the
beginning of the current year: Preferred 2% Stock, $175 par (60,000 shares authorized, 30,000 shares issued) $
5,250,000 Paid - In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $20 par (600,000 shares
authorized, 220,000 shares issued) 4,400,000 Paid - In Capital in Excess of Par-Common Stock 570,000 Retained
Earnings 23,447,000 During the year, the corporation completed a number of transactions affecting the stockholders'
equity. They are summarized as follows: Issued 60,000 shares of common stock at $25, receiving cash. Issued 15,000
shares of preferred 2% stock at $190. Purchased 36,000 shares of treasury common for $25 per share. Sold 18,000
shares of treasury common for $28 per share. Sold 12,000 shares of treasury common for $23 per share. Declared cash
dividends of $3.50 per share on preferred stock and $0.10 per share on common stock. Paid the cash dividends.
Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.
Question Content Area a. Issued 60,000 shares of common stock at $25, receiving cash. blank Question Content Area b.
Issued 15,000 shares of preferred 2% stock at $190. blank Question Content Area c. Purchased 36,000 shares of
treasury common for $25 per share. blank Question Content Area d. Sold 18,000 shares of treasury common for $28 per
share. blank Question Content Area e. Sold 12,000 shares of treasury common for $23 per share. blank Question
Content Area f. Declared cash dividends of $3.50 per share on preferred stock and $0.10 per share on common stock.
blank Question Content Area g. Paid the cash dividends. blank
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