Concord Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock. Date Account Titles and Explanation Debit Credit May 2 Cash 208,000        Capital Stock   208,000   (Issued  13,000 shares of $ 5 par value common stock at $ 16 per share)     May 10 Cash 660,000        Capital Stock   660,000   (Issued  11,000 shares of $ 30 par value preferred stock at $ 60 per share)     May 15 Capital Stock 14,400        Cash   14,400   (Purchased  900 shares of common stock for the treasury at $ 16 per share)     May 31 Cash 13,500        Capital Stock   7,500      Gain on Sale of Stock   6,000   (Sold  750 shares of treasury stock at $ 18 per share)     On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no

Astro Corporation was started with the issue of 4,400 shares of $12 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $66,650 in cash revenues and paid $44,656 for cash expenses. Also, a $4,000 cash dividend was paid to the stockholders. Prepare a statement of changes in stockholders’ equity.

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EhrlichCo. had the following transactions during the current period. Mar.  2     Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12     Issued 60,000 shares of $5 par value common stock for cash of $365,000.July  11     Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug.  15    Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28     Purchased 2,000 shares of treasury stock for $80,000. Dec. 15     Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity         Paid-in capital:        Capital stock:        9% preferred stock, $100 par value,…

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Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 2 1 Sold 7,000 shares of common stock for cash at $22 per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit…

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