Reference no: EM132959196
Question - A company has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during Year 1, its first year of operations:
January 2 Issues 100,000 shares of common stock for $18 per share. February 6 Issues 1,300 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $23 per share. December 15 Resells 6,000 shares of treasury stock at $28 per share.
Required -
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Record the issuance of 100,000 shares of common stock for $18 per share.
Record the issuance of 1,300 shares of 7% preferred stock for $13 per share.
Record the purchase of 12,000 shares of its own common stock for $23 per share.
Record the resale of 6,000 shares.
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