Reference no: EM132983858
Question - Sharp Corporation was authorized by its charter to issue 320,000 shares of 5%, $50 par cumulative preferred stock and 600,000 shares of $1 par value common stock. In their first year of operations, they had the following transactions.
1. Sold 200,000 shares of common stock for $800,000.
2. Sold 12,000 shares of preferred stock for $720,000.
3. Purchased 20,000 shares of the Company's outstanding common stock for$3.00 per share for the treasury.
4. Reissued 8000 shares of the company stock that was acquired in C at a price of $4.00.
5. Reissued 9000 shares of the company stock that was acquired in C at a price of $2.00.
6. Declared a dividend of $.10 cents per share of common stock and for the amount due the preferred stock.
7. Paid the required dividends.
Required -
1. Prepare the necessary journal entries.
2. Prepare the stockholders' equity section of the balance sheet.
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