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The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,650 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 550 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022. (a) Prepare the journal entries for the: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash (3) Purchase of common treasury stock for cash Sale of treasury stock for cash. 16

The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,650 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 550 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022. (a) Prepare the journal entries for the: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash (3) Purchase of common treasury stock for cash Sale of treasury stock for cash. 16

FINANCIAL ACCOUNTING
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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The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,650 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 550 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022. (a) 1. Prepare the journal entries for the: (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually) 3. (1) (2) (3) (4) Issuance of preferred stock for land. Issuance of common stock for cash Purchase of common treasury stock for cash. Sale of treasury stock for cash. 16 No. Account Titles and Explanation Show Transcribed Text Land Preferred Stock 3 Debit Credit
Transcribed Image Text:The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,650 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 550 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022. (a) 1. Prepare the journal entries for the: (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually) 3. (1) (2) (3) (4) Issuance of preferred stock for land. Issuance of common stock for cash Purchase of common treasury stock for cash. Sale of treasury stock for cash. 16 No. Account Titles and Explanation Show Transcribed Text Land Preferred Stock 3 Debit Credit
Marigold Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,020,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1.100 common shares) Paid-in Capital from Treasury Stock Retained Earnings $130,000 10,000 1,020,000 2,244,000 12,100 1,650 84,500 The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,650 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 550 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022.
Transcribed Image Text:Marigold Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,020,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1.100 common shares) Paid-in Capital from Treasury Stock Retained Earnings $130,000 10,000 1,020,000 2,244,000 12,100 1,650 84,500 The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,650 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 550 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022.
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