Refer to the following transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00 per share. Declared the annual cash dividend of $2.1 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. Issued 3,400 shares of $9 par value preferred stock in exchange for a building when the market price of preferred stock was $13.5 per share. Purchased 120 shares of preferred stock for the treasury at a price of $14.00 per share. Sold 110 shares of the preferred stock held in treasury (see d) for $18 per share. Declared and issued a 16% stock dividend on the $1 par value common stock (see b) when the market price per share was $38. Prepare the journal entries to record each of the above transactions.
Refer to the following transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00 per share. Declared the annual cash dividend of $2.1 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. Issued 3,400 shares of $9 par value preferred stock in exchange for a building when the market price of preferred stock was $13.5 per share. Purchased 120 shares of preferred stock for the treasury at a price of $14.00 per share. Sold 110 shares of the preferred stock held in treasury (see d) for $18 per share. Declared and issued a 16% stock dividend on the $1 par value common stock (see b) when the market price per share was $38. Prepare the journal entries to record each of the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Refer to the following transactions.
- Sold 2,930 shares of $11 par value
preferred stock at $14.00 per share. - Declared the annual cash dividend of $2.1 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year.
- Issued 3,400 shares of $9 par value preferred stock in exchange for a building when the market price of preferred stock was $13.5 per share.
- Purchased 120 shares of preferred stock for the treasury at a price of $14.00 per share.
- Sold 110 shares of the preferred stock held in treasury (see d) for $18 per share.
- Declared and issued a 16% stock dividend on the $1 par value common stock (see b) when the market price per share was $38.
Prepare the
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