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Question - Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2020 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others.
a. On April 10, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share.
b. On August 27, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000.
c. November 17, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).
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