Textbook Ref LO 14.2 Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Jan 31. Issued 25,000 shares of stock at $9.75 per share Jun 10. Issued 9,000 shares of stock for legal services valued at $90,000 Aug 3. Purchased 1,000 shares of treasury stock at $9 per share Sep 10. Reissued 500 shares of its common stock held in the treasury for $12 per share. Jan 31. Number of shares issued Issue price per share Par Value per Share issued Excess over par value per share Cash Proceeds from the stock issue Proceeds credited to Common Stock Proceeds credited to paid in capital in excess of par Jun 10. Value of services received Number of shares issued as consideration Issue price per share Par Value per Share issued Excess over par value per share Consideration credited to Common Stock (Total $) Consideration credited to paid in capital in excess of par (Total $) Aug 3. Number of Treasury shares purchased Purchase price per share Total purchase price of the shares Sep 10. Number of shares reissued Reissue price per share, of which: Cost per share Reissue price above / below cost Total proceeds from the reissue, of which Proceeds credited to Treasury Stock Proceeds credited/debited to Additional Paid-in-capital from Treasury Stock Common Stock Authorized Shares Issued Shares Less: Treasury Stock Outstanding Shares Journal Entries Date Jan. 31 Jun 10 Aug. 3 Sep. 10 Account Title To record the share issue To record the treasury stock purchase ▼ To record the issue of shares in exchange for land To record the treasury stock purchase ▼ ▼ ▼ ▼ Debit Credit

Required information Exercise 10-3A Record the issuance of common stock (LO10-2) (The following information applies to the questions displayed below.) Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 600 shares of common stock for $35 per share. April 1 Issues 100 additional shares of common stock for $39 per share. Exercise 10-3A Part 2 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) aw transaction llat 1 Record the issuance of 600 shares of common stock for $35 per share. 2 Record the issuance of 100 additional shares of common stock for $39 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general Journal

Required information Exercise 10-3 (Algo) Record the issuance of common stock (LO10-2) Skip to question   [The following information applies to the questions displayed below.] Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders’ equity.   January 1 Issues 600 shares of common stock for $32 per share. April 1 Issues 100 additional shares of common stock for $36 per share.   Exercise 10-3 (Algo) Part 1 Required:1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

D. February 2 Issue 1.5 million shares of common stock for $15 per share. February 4 Issue 400,000 shares of preferred stock for $24 per share. June 15 Purchase 150,000 shares of its own common stock for $10 per share. August 15 Resell 112,500 shares of treasury stock for $25 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $400,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. Required: 1. 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.) View transaction list ces Journal entry worksheet 1 Record the issuance of 1.50 million shares of common stock for $15 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 02, 2021

2 Issue 120,000 shares of common stock for $50 per share. January February 14 Issue 40,000 shares of preferred stock for $13 per share. May May December 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (4% of par value) cash 8 Purchase 12,000 shares of its own common stock for $40 per share. 31 Resell 6,000 shares of treasury stock for $45 per share. dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $470,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity

PROBLEM 32: CYPRUS COMPANY began operation on January 1. Authorized were 20,000 shares of P10 par value ordinary shares and 40,000 shares of 10%, P 100 par value preference shares. The following transactions involving shareholders' equity occurred during the first year of operations. January 1 February 23 March 10 April 10 July 14 August 3 December 1 Issued 500 ordinary shares to the corporation promoters in exchange for property valued at P170,000 and services valued at P70,000. The property had cost the promoters P90,000 3 years before and was carried on the promoters' books at P50,000. 31 Issued 10,000 preference shares with a par value of P100 per share. The shares were issued at a price of P150 per share, and the company paid P75,000 to an agent for selling the shares. Sold 3,000 ordinary shares for P390 per share. Issue costs were P25,000 Cordillera Career Development College COLLEGE OF BUSINESS EDUCATION AND ADMINISTRATION Buyagan, Poblacion, La Trinidad, Benguet 4,000 ordinary…