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January 5, 2008 received a charter granting the right to issue 5,000 shares of $100 par value 8% cumulative, non-participating preferred stock and 50,000 shares of $5 par value common stock.

Record the journal entries for the transactions listed above:

Jan 11 - Issued 20,000 shares of common stock at $16 per share.

Feb 1 - Issued to 4,000 shares of preferred stock for machinery with a fair market value of $50,000, factory building with a fair market value of $110,000, and land with an appraised value of $270,000.

July 29 - Purchased 1,800 shares of common stock at $19 per share (use cost method).

Aug 10 - Sold the 1,800 treasury shares at $14 per share.

Dec 31 - Declared $0.25 per share cash dividend on common stock and declared the preferred dividend.

Dec 31 - Closed the Income Summary account, there was a $175,700 Net Income.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M977497

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