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Natavia3402
05.05.2020 •
Business
A company has two classes of stock authorized: 9%, $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 $26 per share. February 6 Issues 2,100 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $31 per share. December 15 Resells 5,500 shares of treasury stock at $36 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.)
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Ответ:
Answer and Explanation:
The journal entries are shown below:
On Jan 2
Cash (100,000 shares × $26)$2,600,000
To Common Stock (100,000 shares × $1)$100,000
To Paid in capital in excess of par value - Common Stock $2,500,000
On Feb 6
Cash (2,100 shares × $11)$23,100
To Preferred stock(2,100 shares × $10)$21,000
To Paid in capital in excess of par value-preferred stock$2,100
On Sep 10
Treasury Stock (11,000 × $31)$341,000
To Cash$341,000
(Being the purchase of own common stock is recorded)
On Dec 15
Cash (5,500 shares × $36)$198,000
To Treasury Stock (5,500 shares × $31) $170,500
To Paid in capital from sale of treasury stock $27,500
(Being the resells of treasury stock is recorded)
Ответ:
The best answer choice is C