The following selected acCounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2006, the beginning of the current fiscal year: Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Common Stock. Retained Earnings 5 600,000 100,000 350,000 85,000 1,050,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 7,500 shares of common stock at $24, receiving cash. b. Sold 800 shares of preferred 2% stock at $81. c. Purchased 3,000 shares of treasury common for $66,000. d. Sold 1,800 shares of treasury common for $50,400. e. Sold 750 shares of treasury common for $14,250. f. Declared cash dividends of $1.50 per share on preferred stock and $0.40 per sha on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
The following selected acCounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2006, the beginning of the current fiscal year: Preferred 2% Stock, $75 par (10,000 shares authorized, 8,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $10 par (50,000 shares authorized, 35,000 shares issued) Paid-In Capital in Excess of Par-Common Stock. Retained Earnings 5 600,000 100,000 350,000 85,000 1,050,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 7,500 shares of common stock at $24, receiving cash. b. Sold 800 shares of preferred 2% stock at $81. c. Purchased 3,000 shares of treasury common for $66,000. d. Sold 1,800 shares of treasury common for $50,400. e. Sold 750 shares of treasury common for $14,250. f. Declared cash dividends of $1.50 per share on preferred stock and $0.40 per sha on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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