KY Jewellers purchased a piece of land from the original owner. In payment for the land, KY Jewellers issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of 1200,000 1.The company sold 120,000 shares of common stock with $1 par value. 2. Issued 25,500shares of $20 par value preferred stock. Shares were issued at par. 3. Earned net income of $764,000 4. Dividend declared and paid - $0.15 per share on common stock 5. Dividend declared and paid - $5 per share on preferred stock Question Prepare the closingj journal entries for the following tracnsactions listed above

KY Jewellers purchased a piece of land from the original owner. In payment for the land, KY Jewellers issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of 1200,000 1.The company sold 120,000 shares of common stock with $1 par value. 2. Issued 25,500shares of $20 par value preferred stock. Shares were issued at par. 3. Earned net income of $764,000 4. Dividend declared and paid - $0.15 per share on common stock 5. Dividend declared and paid - $5 per share on preferred stock Question Prepare the closingj journal entries for the following tracnsactions listed above

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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