Reference no: EM13182794
Sixnut, Incorporated has been authorized to issue 1,000,000 shares of $2 par common stock, and 50,000 shares of 6%, $100 par, cumulative, preferred stock. During the first six months of operation, the following transactions occurred related to the stock.
Jul 1st Sold 150,000 shares of common stock for $10 per share, and 25,000 shares of preferred stock, sold at par.
Jul 1st Issued 100,000 shares of common stock in exchange for the following assets:
Land $250,000
Building 750,000
Equipment 300,000
Inventory 200,000
The market value of the stock was $15 per share.
Sep 1st Sold 100,000 shares of common stock for $20 per share.
Oct 31st Repurchased 30,000 shares of common stock for $25 per share. Sixnut has elected to use the cost method to account for the treasury stock.
Nov 30th Re-sold 20,000 shares of the treasury stock for $35 per share.
Dec 31st Recorded net income for the first six months in the amount of $4,500,000.
Required: Prepare, in proper form, the journal entries required to account for these transactions.
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