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Record the journal entries for the transactions listed

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Question - On January 5, 2020, Shamrock Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 9% cumulative and nonparticipating preferred stock, and 49,000 shares of $10 par value common stock. It then completed these transactions.

Jan. 11 Issued 21,800 shares of common stock at $17 per share.

Feb. 1 Issued to Sanchez Corp. 4,400 shares of preferred stock for the following assets: equipment with a fair value of $48,000; a factory building with a fair value of $147,000; and land with an appraised value of $254,000.

July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.)

Aug. 10 Sold the 1,800 treasury shares at $15 per share.

Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend.

Dec. 31 Closed the Income Summary account. There was a $188,300 net income.

Required - Record the journal entries for the transactions listed above.

Reference no: EM132653944

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