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Compute the number of shares of common stock issued

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Reference no: EM132506142

Tyler Corporation was organized in 2018. Its corporate charter authorized the issuance of 50,000 shares of common stock, par value $5 per share, and 10,000 shares of 8% preferred stock, par value $25 share.

The following transactions took place during 2018:

Jan 1 - Sold and issued 45,000 shares of common stock for cash of $25 per share.

Feb 1 - Sold and issued 5,000 shares of preferred stock at $75 per share.

Jun 1 - Repurchased 7,500 shares of common stock at $24 per share.

Aug 1 - Sold 1,000 shares of the treasury stock at $26 per share.

Oct. 1 - Sold another 1,500 shares of the treasury stock at $23 per share.

Dec 1 - Declared cash dividends totaling $100,000

Dec 31 - Paid the cash dividends that were declared.

Question 1: Prepare the journal entries for each of the following transactions:

Question 2: Compute the number of shares of common stock issued and outstanding at December 31, 2018.

Reference no: EM132506142

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