Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: May 5 Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000. July 20 Sold 1,550 shares of preferred stock for $50 cash per share. Dec. 20 Sold 1,000 shares of preferred stock at $52 cash per share.
Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: May 5 Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000. July 20 Sold 1,550 shares of preferred stock for $50 cash per share. Dec. 20 Sold 1,000 shares of preferred stock at $52 cash per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating
preferred stock , and 750,000 shares of $5 par value common stock. Preparejournal entries to record the following selected transactions that occurred during the company's first year of operations:
May 5 Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000.
July 20 Sold 1,550 shares of preferred stock for $50 cash per share. Dec. 20 Sold 1,000 shares of preferred stock at $52 cash per share.
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