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Some of the account balances of Mali Company at December 31, 20x0 are shown below:

6% Preferred Stock ($100 par, 2,000 shares authorized) $ 20,000
PCIEP, Preferred 3,000
Common Stock ($10 par, 100,000 shares authorized) 500,000
PCIEP, Common 100,000
Retained Earnings 304,000
Treasury Stock-Preferred (50 shares at cost) 5,500
Treasury Stock-Common (1,000 shares at cost) 16,000

The price of the company's common stock has been increasing steadily on the market; it was $21 on January 1, 20x1, advanced to $24 by July 1, and to $27 at the end of the year 20x1. The preferred stock was not openly traded, but was appraised at $120 per share during 20x1.

1) Give the proper journal entries for each of the following occurred in 20x1

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945952

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