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Provide the following journal entries: On Feb. 1 ABC Company issues 100,000 shares for common stock, $1 par, and 10,000 shares of preferred stock, 6%, $100 par. The common stock is sold at $76/share.  The preferred stock is sold at $120 per share. On April 1 the ABC Company Board declares the regular preferred dividend. The record date is April 15, the payment date is April 30. On May 1 we buy back 10,000 shares of common at $84/share. On June 15 we sell 1,000 shares of treasury stock at $87/share. On October 15 we sell 2,000 shares of treasury stock at $61/share. On Dec. 15 our stock is trading at $104/share. We declare a 2 for 1 stock split.

Provide the following journal entries: On Feb. 1 ABC Company issues 100,000 shares for common stock, $1 par, and 10,000 shares of preferred stock, 6%, $100 par. The common stock is sold at $76/share.  The preferred stock is sold at $120 per share. On April 1 the ABC Company Board declares the regular preferred dividend. The record date is April 15, the payment date is April 30. On May 1 we buy back 10,000 shares of common at $84/share. On June 15 we sell 1,000 shares of treasury stock at $87/share. On October 15 we sell 2,000 shares of treasury stock at $61/share. On Dec. 15 our stock is trading at $104/share. We declare a 2 for 1 stock split.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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Provide the following journal entries:

  1. On Feb. 1 ABC Company issues 100,000 shares for common stock, $1 par, and 10,000 shares of preferred stock, 6%, $100 par. The common stock is sold at $76/share.  The preferred stock is sold at $120 per share.
  2. On April 1 the ABC Company Board declares the regular preferred dividend. The record date is April 15, the payment date is April 30.
  3. On May 1 we buy back 10,000 shares of common at $84/share.
  4. On June 15 we sell 1,000 shares of treasury stock at $87/share.
  5. On October 15 we sell 2,000 shares of treasury stock at $61/share.
  6. On Dec. 15 our stock is trading at $104/share. We declare a 2 for 1 stock split.

 

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