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Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $31 per share.
February 6 Issues 2,600 shares of 8% preferred stock for $12 per share.
September 10 Purchases 10,000 shares of its own common stock for $36 per share.
December 15 Resells 5,000 shares of treasury stock at $41 per share.
Required:
Problem 1: Record each of these transactions.
Create the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year
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