The charter for Zenith, Inc., authorizes the company to issue 250,000 shares of $9, no-par preferred stock and 650,000 shares of common stock with $2 par value. During its start-up phase, Zenith, Inc. completed the following transactions: Requirement 2. Prepare the stockholders' equity section of Zenith's balance sheet at December 31, 2018. Assume the company earned net income of $35,000 during this period. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) 2018 Issued 400 shares of common stock to the promoters who organized the Apr 6 corporation, receiving cash of $13,600. 12 Issued 500 shares of preferred stock for cash of $22,000. Issued 1,500 shares of common stock in exchange for land with a market 14 value of $24,000. Stockholders' Equity Paid-in capital: Total stockholders' equity

During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. 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 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********

Neptune Corporation is preparing its December 31, 2018, balance sheet. The following items may be reported as either assets, liabilities or stockholders’ equity.     d) During the year, customer advances of $220,000 were received; $110,000 of this amount was earned by December 31, 2018. e) A 10% bonds payable of 1,000,000 was issued on December 31, 2018, due on December 31, 2023. f) Treasury stock of $55,000 has been recorded at cost. Instructions:For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’ equity. Mention the classification as well.

In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 71,000 shares at $12.10. March 17: Sold 21,000 shares at $14.05. May 17: Sold 26,000 shares at $8.05. Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.Required:Prepare the journal entries to record the above transactions, using the cost method.