Reference no: EM132723219
Problem - Stockholders' equity accounts and other related accounts of the JKL Manufacturing Corporation as of October 1, 20-1, the beginning of its fiscal year, follow.
Preferred Stock Subscriptions Receivable $80,000
Preferred Stock, 8%, $10 par (200,000 shares authorized, 50,000 shares issued) 500,000
Preferred Stock Subscribed (10,000 shares) 100,000
Paid-In Capital in Excess of Par-Preferred Stock 50,000
Common Stock, $10 par (1,000,000 shares authorized, 200,000 shares issued) 2,000,000
Paid-In Capital in Excess of Par-Common Stock 500,000
Retained Earnings 2,250,000
During the fiscal year ended September 30, 20-2, JKL Manufacturing completed the following transactions affecting stockholders' equity:
(a) Received the balance due on preferred stock subscriptions and issued the necessary certificates.
(b) Purchased 10,000 shares of common treasury stock for $120,000.
(c) Received subscriptions for 8,000 shares of 8% preferred stock at $12 each, collecting one-fourth of the subscription price.
(d) Sold 6,000 shares of common treasury stock for $78,000.
(e) Issued 80,000 shares of common stock at $15, receiving cash.
(f) Sold 2,000 shares of common treasury stock for $22,000.
(g) Issued 100,000 shares of common stock with a market value of $15 per share in exchange for land for business expansion.
REQUIRED - Make general journal entries for the transactions, identifying each transaction by the appropriate letter.