Reference no: EM132454009
Problem - ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock.
Preferred stock: 7%, par value $100 per share, 100,000 shares.
Common stock: $1 par value, 500,000 shares.
The following transactions occurred during the year.
1/19/12 Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 Declared and paid a total dividend of $95,000.
Required -
1. Prepare the journal entry for each transaction listed above.
2. Please explain the main differences between common and preferred stock.
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