uthorized, 1,400,000 shares issued) 16,800,000 Paid-In Capital in Excess of Par—Common Stock 1,290,000 Retained Earnings 110,900,000 During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
|
Preferred 2% Stock, $80 par (200,000 shares authorized, 65,000 shares issued) |
$ 5,200,000 |
|
Paid-In Capital in Excess of Par— |
360,000 |
|
Common Stock, $12 par (3,000,000 shares authorized, 1,400,000 shares issued) |
16,800,000 |
|
Paid-In Capital in Excess of Par—Common Stock |
1,290,000 |
|
|
110,900,000 |
During the year, the corporation completed a number of transactions affecting the
-
Issued 220,000 shares of common stock at $15, receiving cash.
-
Issued 6,000 shares of preferred 2% stock at $94.
-
Purchased 130,000 shares of treasury common for $19 per share.
-
Sold 70,000 shares of treasury common for $23 per share.
-
Sold 40,000 shares of treasury common for $17 per share.
-
Declared cash dividends of $1.60 per share on preferred stock and $0.14 per share on common stock.
-
Paid the cash dividends.
INSTRUCTIONS
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Journalize the entries to record the transactions. Identify each entry by letter.
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