Ivanhoe Company had these transactions during the current period.June 12 Issued 82,500 shares of $1 par value common stock for cash of $309,375.July 11 Issued 3,450 shares of $103 par value preferred stock for cash at $107 per share.Nov. 28 Purchased 2,650 shares of treasury stock for $8,450.Prepare the journal entries for the Ivanhoe Company transactions shown above.

Amount credited to common stock = $82,500*$1 Amount credited to common stock = $82,500 Paid in…

Answered: Ivanhoe Company had these transactions…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ivanhoe Company had these transactions during the current period.

June 12		Issued 82,500 shares of $1 par value common stock for cash of $309,375.
July 11		Issued 3,450 shares of $103 par value preferred stock for cash at $107 per share.
Nov. 28		Purchased 2,650 shares of treasury stock for $8,450.

Prepare the journal entries for the Ivanhoe Company transactions shown above.

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