Reference no: EM132867299
Problem - During its first-year operations, ABC Plc. entered into the following transactions relating to stockholders' equity. The article of incorporation authorized the issuance of 8 million ordinary shares, $1 par value, ad 1 million preference shares, $50 par per share.
Required - Prepare the appropriate journal entries to record each transaction
a) Sold 2 million ordinary shares, for $9 per share.
b) Sold 80,000 of its ordinary and 4,000 preference shares for a total of $945,000.
c) Issued 380,000 of its ordinary shares in exchange for equipment for which the fair value is known to be $3,688,000.
d) Purchased 100,000 of its shares (treasury shares) at $15 per share.
e) Sold 500 treasury shares at $20 per share.
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