TheStaples Company had the following transactions occur during 2015:• (a) Issued 8,000 shares of common stock to the founders for land valued at $275,000. Par value of the common stock is $1 per share...• (d) Purchased 750 shares of outstanding preferred stock issued in (b) for cash at par.(b) Issued 4,000 shares of $100 par preferred stock for cash at $120 per share..(c) Sold 2,500 shares of common stock to the company president for $45 per share..• (f) Reissued 400 shares of repurchased preferred stock at $112.(e) Purchased 2,000 shares of the outstanding common stock issued in (a) for $39 per share.(g) Reissued 500 shares of reacquired common stock for $45 per share.(h-1) Repurchased 200 shares of the common stock sold in (g) for $43 per share.(h-2)These same 200 shares were later reissued for $40 per share.(i) A dividend of $3 per share was declared on outstanding preferred stock.INSTRUCTIONS:1. Prepare the necessary entries for the common stock transactions assuming that the cost method is used for recording treasury stock.

Journal entries: - Entries in the Journal book are known as journal entries. Journal is the book in…

Answered: The Staples Company had the following…

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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