A company has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during Year 1, its first year of operations: January 2 Issues 100,000 shares of common stock for $28 per share. February 6 Issues 2,300 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $33 per share. December 15 Resells 5,000 shares of treasury stock at $38 per share. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
A company has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during Year 1, its first year of operations: January 2 Issues 100,000 shares of common stock for $28 per share. February 6 Issues 2,300 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $33 per share. December 15 Resells 5,000 shares of treasury stock at $38 per share. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect
| January | 2 | Issues 100,000 shares of common stock for $28 per share. | ||
| February | 6 | Issues 2,300 shares of 8% |
||
| September | 10 | Purchases 10,000 shares of its own common stock for $33 per share. | ||
| December | 15 | Resells 5,000 shares of |
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No
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