Reference no: EM133188947
Question - On January 5, 2020, Sandhill Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 45,600 shares of $10 par value common stock. It then completed these transactions.
Jan. 11 Issued 21,400 shares of common stock at $15 per share.
Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $54,400; a factory building with a fair value of $155,000; and land with an appraised value of $249,000.
July 29 Purchased 1,800 shares of common stock at $15 per share. (Use cost method.)
Aug. 10 Sold the 1,800 treasury shares at $12 per share.
Dec. 31 Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31 Closed the Income Summary account. There was a $168,000 net income.
Required -
1. Record the journal entries for the transactions listed above.
2. Prepare the stockholders' equity section of Sandhill Corporation's balance sheet as of December 31, 2020.
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