Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (80,000 shares authorized, 40,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 300,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $7,000,000 1,400,000 4,500,000 590,000 28,599,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $19, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $189. c. Purchased 36,000 shares of treasury common for $20 per share. d. Sold 18,000 shares of treasury common for $23 per share. e. Sold 12,000 shares of treasury common for $18 per share. f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 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. Issued 60,000 shares of common stock at $19, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $189.
Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $175 par (80,000 shares authorized, 40,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $15 par (600,000 shares authorized, 300,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $7,000,000 1,400,000 4,500,000 590,000 28,599,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 60,000 shares of common stock at $19, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $189. c. Purchased 36,000 shares of treasury common for $20 per share. d. Sold 18,000 shares of treasury common for $23 per share. e. Sold 12,000 shares of treasury common for $18 per share. f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 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. Issued 60,000 shares of common stock at $19, receiving cash. b. Issued 20,000 shares of preferred 2% stock at $189.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected Stock Transactions
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $175 par (80,000 shares authorized, 40,000 shares issued)
Paid-In Capital in Excess of Par-Preferred Stock
Common Stock, $15 par (600,000 shares authorized, 300,000 shares issued)
Paid-In Capital in Excess of Par-Common Stock
Retained Earnings
$7,000,000
1,400,000
4,500,000
590,000
28,599,000
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
a. Issued 60,000 shares of common stock at $19, receiving cash.
b. Issued 20,000 shares of preferred 2% stock at $189.
c. Purchased 36,000 shares of treasury common for $20 per share.
d. Sold 18,000 shares of treasury common for $23 per share.
e. Sold 12,000 shares of treasury common for $18 per share.
f. Declared cash dividends of $3.50 per share on preferred stock and $0.06 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. Issued 60,000 shares of common stock at $19, receiving cash.
b. Issued 20,000 shares of preferred 2% stock at $189.
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