Reference no: EM13256499
On December 31, 2007, BradstormCompany had 1,500,000 shares of $10 par common stock issued and outstanding. The stockholder's equity accounts at December 31,2007, had the following balances.
CommonStock $15,000,000
AdditionalPaid-in-Capital 1,500,000
RetainedEarnings 900,000
Transactions during 2008 and other information relatedto stockholder's equity accounts were as follows.
1. On January 10, 2008, Bradstrom issued at $105 pershare 100,000 shares of $100 par value, 7% cumulative preferredstock.
2. On February 8, 2008, Bradstrom reacquired15,000 shares of it's common stock for $16 per share.
3. On June 8, 2008, Bradstrom declared a cashdividend of $1 per share on the common stock outstanding, payableon July 10, 2008, to stockholders of record on July 1, 2008.
4. On December 15, 2008, Bradstrom declared theyearly cash dividend on preferred stock, payable January 10, 2009,to stockholders of record on December 15, 2008.
5. Net income for the year is $3,600,000.
6. It was discovered that depreciation expensehad been overstated in 2007 by $80,000.
Write out the journal entries for these transaction.
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