Investment inc is authorized to issue 500000 shares of 5

Reference no: EM13572264

Record the following stockholder's equity journal entries on the provided general journal template. Each situation is independent of the next.

A. Investment, Inc. is authorized to issue 500,000 shares of $5 par common stock and 100,000 shares of $20 par preferred stock. On July 14^th, 2012 Investment, Inc. issued 7,500 shares of preferred stock. The current market price of the preferred shares is $23 per share. Record the required transaction.

B. Harry, Inc. issued 600 shares of $8 par common stock to Gander Mountain in exchange for equipment on January 13^th, 2013. The fair value of the equipment could not be determined. As of the day of issuance, the stock was trading on the market at $14 per share. Record the required transaction.

C. Curbside, Inc. declared a cash dividend in the amount of $82,000 on April 28^th, 2013. As of the date of record on May 12^th, 2013, 8,500 shares of common stock were outstanding to allocate the total dividend of $82,000. The dividend was paid to the stockholders from the date of record on May 31^st, 2013. Record any required transactions for April 28^th, May 12^th, and May 31^st.

Reference no: EM13572264

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