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, $150 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $20 par (800,000 shares authorized, 310,000 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. Issued 80,000 shares of common stock at $24, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $167. c. Purchased 48,000 shares of treasury common for $22 per share. d. Sold 24,000 shares of treasury common for $25 per share. e. Sold 16,000 shares of treasury common for $20 per share. f. Declared cash dividends of $3.00 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 80,000 shares of common stock at $24, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $167. ▼ $5,250,000 d. Sold 24,000 shares of treasury common for $25 per share. 1,050,000 6,200,000 810,000 28,217,000 c. Purchased 48,000 shares of treasury common for $22 per share.
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, $150 par (70,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $20 par (800,000 shares authorized, 310,000 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. Issued 80,000 shares of common stock at $24, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $167. c. Purchased 48,000 shares of treasury common for $22 per share. d. Sold 24,000 shares of treasury common for $25 per share. e. Sold 16,000 shares of treasury common for $20 per share. f. Declared cash dividends of $3.00 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 80,000 shares of common stock at $24, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $167. ▼ $5,250,000 d. Sold 24,000 shares of treasury common for $25 per share. 1,050,000 6,200,000 810,000 28,217,000 c. Purchased 48,000 shares of treasury common for $22 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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Transcribed Image Text:e. Sold 16,000 shares of treasury common for $20 per share.
▼
f. Declared cash dividends of $3.00 per share on preferred stock and $0.06 per share on common stock.
g. Paid the cash dividends.
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, $150 par (70,000 shares authorized,
35,000 shares issued)
Paid-In Capital in Excess of Par-Preferred Stock
Common Stock, $20 par (800,000 shares authorized, 310,000
shares issued)
Paid-In Capital in Excess of Par-Common Stock
Retained Earnings
$5,250,000
b. Issued 18,000 shares of preferred 2% stock at $167.
1,050,000
6,200,000
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
a. Issued 80,000 shares of common stock at $24, receiving cash.
b. Issued 18,000 shares of preferred 2% stock at $167.
c. Purchased 48,000 shares of treasury common for $22 per share.
d. Sold 24,000 shares of treasury common for $25 per share.
e. Sold 16,000 hare
d. Sold 24,000 shares of treasury common for $25 per share.
810,000
28,217,000
treasury common for $20 per share.
f. Declared cash dividends of $3.00 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 80,000 shares of common stock at $24, receiving cash.
c. Purchased 48,000 shares of treasury common for $22 per share.
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