During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: . Purchased 48,000 shares of treasury common for $21 per share. . Sold 24,000 shares of treasury common for $24 per share. . Issued 23,000 shares of preferred 2% stock at $217. . Issued 80,000 shares of common stock at $23, receiving cash. . Sold 16,000 shares of treasury common for $19 per share. . Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock. . Paid the cash dividends. Required: ournalize the entries to record the transactions.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Selected stock transactions
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following
selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:
Preferred 2% Stock, $200 par (90,000 shares authorized, 45,000 shares issued)
Paid-In Capital in Excess of Par-Preferred Stock
Common Stock, $20 par (800,000 shares authorized, 210,000 shares issued)
Paid-In Capital in Excess of Par-Common Stock
Retained Earnings
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are
summarized as follows:
a. Purchased 48,000 shares of treasury common for $21 per share.
b. Sold 24,000 shares of treasury common for $24 per share.
c. Issued 23,000 shares of preferred 2% stock at $217.
d. Issued 80,000 shares of common stock at $23, receiving cash.
e. Sold 16,000 shares of treasury common for $19 per share.
f. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock.
g. Paid the cash dividends.
Required:
Journalize the entries to record the transactions.
If an amount box does not require an entry, leave it blank.
a.
b.
C.
$9,000,000
1,440,000
4,200,000
550,000
32,203,000
d.
e.
Transcribed Image Text:Selected stock transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $200 par (90,000 shares authorized, 45,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $20 par (800,000 shares authorized, 210,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 48,000 shares of treasury common for $21 per share. b. Sold 24,000 shares of treasury common for $24 per share. c. Issued 23,000 shares of preferred 2% stock at $217. d. Issued 80,000 shares of common stock at $23, receiving cash. e. Sold 16,000 shares of treasury common for $19 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. b. C. $9,000,000 1,440,000 4,200,000 550,000 32,203,000 d. e.
Cap 13
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are
summarized as follows:
a. Purchased 48,000 shares of treasury common for $21 per share.
b. Sold 24,000 shares of treasury common for $24 per share.
c. Issued 23,000 shares of preferred 2% stock at $217.
d. Issued 80,000 shares of common stock at $23, receiving cash.
e. Sold 16,000 shares of treasury common for $19 per share.
f. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock.
g. Paid the cash dividends.
Required:
Journalize the entries to record the transactions.
If an amount box does not require an entry, leave it blank.
a.
b.
C.
d.
e.
f.
g.
Transcribed Image Text:Cap 13 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 48,000 shares of treasury common for $21 per share. b. Sold 24,000 shares of treasury common for $24 per share. c. Issued 23,000 shares of preferred 2% stock at $217. d. Issued 80,000 shares of common stock at $23, receiving cash. e. Sold 16,000 shares of treasury common for $19 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. b. C. d. e. f. g.
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