On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On February 14, Limerick issued at par 3,000 shares of 5%, $80 par preferred stock for cash. On August 30, Limerick Corporation issued for cash 12,000 shares of preferred 5% stock, $80 par at $90. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.