The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) $4,095,000 Paid-In Capital in Excess of Par—Preferred Stock 155,610 Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) 5,340,000 Paid-In Capital in Excess of Par—Common Stock 1,602,000 Retained Earnings 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Jan. 5 Issued 493,300 shares of common stock at $7, receiving cash. Feb. 10 Issued 8,800 shares of preferred 1% stock at $60. Mar. 19 Purchased 46,700 shares of treasury common for $7 per share. May 16 Sold 18,400 shares of treasury common for $9 per share. Aug. 25 Sold 4,900 shares of treasury common for $6 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. 31 Paid the cash dividends. Required: Journalize the entries to record the transactions.
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) $4,095,000 Paid-In Capital in Excess of Par—Preferred Stock 155,610 Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) 5,340,000 Paid-In Capital in Excess of Par—Common Stock 1,602,000 Retained Earnings 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows: Jan. 5 Issued 493,300 shares of common stock at $7, receiving cash. Feb. 10 Issued 8,800 shares of preferred 1% stock at $60. Mar. 19 Purchased 46,700 shares of treasury common for $7 per share. May 16 Sold 18,400 shares of treasury common for $9 per share. Aug. 25 Sold 4,900 shares of treasury common for $6 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. 31 Paid the cash dividends. Required: Journalize the entries to record the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) | $4,095,000 |
| Paid-In Capital in Excess of Par— |
155,610 |
| Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) | 5,340,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,602,000 |
| 35,256,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| Jan. | 5 | Issued 493,300 shares of common stock at $7, receiving cash. |
| Feb. | 10 | Issued 8,800 shares of preferred 1% stock at $60. |
| Mar. | 19 | Purchased 46,700 shares of treasury common for $7 per share. |
| May | 16 | Sold 18,400 shares of treasury common for $9 per share. |
| Aug. | 25 | Sold 4,900 shares of treasury common for $6 per share. |
| Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. |
| 31 | Paid the cash dividends. |
Required:
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