The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued) 3,450,000 Paid-In Capital in Excess of Par—Common Stock 450,000 Retained Earnings 15,391,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $19, receiving cash. Issued 10,000 shares of preferred 2% stock at $167. Purchased 30,000 shares of treasury common for $16 per share. Sold 15,000 shares of treasury common for $19 per share. Sold 10,000 shares of treasury common for $14 per share. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Question Content Area a. Issued 50,000 shares of common stock at $19, receiving cash. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Issued 10,000 shares of preferred 2% stock at $167. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area c. Purchased 30,000 shares of treasury common for $16 per share. blank - Select - - Select - - Select - - Select - Question Content Area d. Sold 15,000 shares of treasury common for $19 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area e. Sold 10,000 shares of treasury common for $14 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. blank - Select - - Select - - Select - - Select - Question Content Area g. Paid the cash dividends. blank - Select - - Select - - Select - - Select -

The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued) 3,450,000 Paid-In Capital in Excess of Par—Common Stock 450,000 Retained Earnings 15,391,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $19, receiving cash. Issued 10,000 shares of preferred 2% stock at $167. Purchased 30,000 shares of treasury common for $16 per share. Sold 15,000 shares of treasury common for $19 per share. Sold 10,000 shares of treasury common for $14 per share. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Question Content Area a. Issued 50,000 shares of common stock at $19, receiving cash. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Issued 10,000 shares of preferred 2% stock at $167. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area c. Purchased 30,000 shares of treasury common for $16 per share. blank - Select - - Select - - Select - - Select - Question Content Area d. Sold 15,000 shares of treasury common for $19 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area e. Sold 10,000 shares of treasury common for $14 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. blank - Select - - Select - - Select - - Select - Question Content Area g. Paid the cash dividends. blank - Select - - Select - - Select - - Select -

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a. Issued 50,000 shares of common stock at $19, receiving cash.

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b. Issued 10,000 shares of preferred 2% stock at $167.

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c. Purchased 30,000 shares of treasury common for $16 per share.

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d. Sold 15,000 shares of treasury common for $19 per share.

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e. Sold 10,000 shares of treasury common for $14 per share.

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f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock.

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g. Paid the cash dividends.

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Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued)	$3,000,000
Paid-In Capital in Excess of Par—Preferred Stock	360,000
Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued)	3,450,000
Paid-In Capital in Excess of Par—Common Stock	450,000
Retained Earnings	15,391,000