Corporation received a charter that authorized the issuance of 85,000 shares of $6 par common stock and 21,000 shares of $100 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Sold 12,750 shares of the $6 par common stock for $8 per share. 12 Sold 2,100 shares of the 8 percent preferred stock for $110 per share. Apr. 5 Sold 17,000 shares of the $6 par common stock for $10 per share. Dec.31 During the year, earned $315,900 in cash revenue and paid $240,900 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,150 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased 500 shares of the common stock as treasury stock at $12 per share. Dec.31 During the year, earned $252,700 in cash revenues and paid $176,500 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a $0.25 per share dividend on the common stock.

Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the above transactions.

King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 7 percent, $25 par value, authorized 49,000 shares. Common shares: no par value, authorized 179,500 shares. During year 1, the following transactions occurred in the order given: a. Sold and issued 24,500 common shares to each of the three organizers. Collected $10 cash per share from two of the organizers, and received a plot of land with a small building on it in full payment for the shares of the third organizer and issued the shares immediately. Assume that 35 percent of the non-cash payment received applies to the building. b. Sold and issued 6,900 preferred shares at $25 per share. Collected the cash and issued the shares immediately. c. Sold and issued 2,900 preferred shares at $25 and 2,900 common shares at $13 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 11 were as follows: Revenues Expenses,…

Carmen Company is a corporation that has issued both preferred and common stock. As of January 1, it had 50,000 shares of 2.75% $100 par, preferred stock outstanding and 250,000 shares of $10 par common stock outstanding. Journalize the following transactions. ​ (a) On January 31, the board of directors issues a requirement to purchase 5,000 shares of its common stock at      market price. The shares are purchased at a market price of $22 per share. ​ (b) On March 15, Carmen declares a dividend on preferred stock of $2.75 per share. The date of record is      March 25 and the date of payment is March 31. ​ (c) On December 1, Carmen declares a cash dividend on common stock of $0.12 per share. The date of record is     December 15 and the date of payment is December 21. ​ (d) On December 27, the board orders that 2,500 shares of the treasury stock purchased in (a) be sold. The sale price is $25 per share.