Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Jan. 3 Issued 61,000 shares at $10 per share. Jun. 15 Issued 4,700 shares in exchange for office equipment with a clearly determined value of $45,000. Aug. 16 Purchased 3,000 shares of treasury stock at $22 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 3   Cash

Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000                   shares of $10 par value preferred stock. During the year the company issued the following shares:                                       Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000.                                     Mar 17 Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000.                                     May 24 Issued 10,000 shares of common stock, $1 par value, for cash of $30,000.                                     Aug 15 Purchased 2,000 shares of common stock for $28,000 to put into the treasury.                                     Oct 12 Sold 1,000 shares of treasury stock for $16 per share.                                     a. How many common shares have been issued?                   b. How many common shares are outstanding?                   c. How many preferred shares…

Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $18 par value, 12,700 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $36 per share. b. Sold 2,300 shares of common stock for cash at $41 per share. c. At year-end, the company reported net income of $7,200. No dividends were declared. E11-5 Part 2 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity $ 0 0

Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec.  1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.