Reference no: EM136116
Some of the account balances of Mali Company at 31st December, 20x0 are shown below:
6% Preferred Stock ($100 par, 2,000 shares authorized) $20,000
PCIEP, Preferred 3,000
Common Stock ($10 par, 100,000 shares authorized) 500,000
PCIEP, Common 100,000
Retained Earnings 304,000
Treasury Stock-Preferred (50 shares at cost) 5,500
Treasury Stock-Common (1,000 shares at cost) 16,000
The price of the company's common stock has been increasing regularly on the market; it was $21 on 1st January, 20x1, advanced to $24 by 1st July and to $27 at the end of the year 20x1. The preferred stock was not openly traded, but was appraised at $120 per share during 20x1.
1) Give the proper journal entries for each of the subsequent occurred in 2011
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