The Golden Mushroom has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $25 per share. February 6 Issues 2,000 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $30 per share. December 15 Resells 5,000 shares of treasury stock at $35 per share. Required: 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.)
The Golden Mushroom has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $25 per share. February 6 Issues 2,000 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $30 per share. December 15 Resells 5,000 shares of treasury stock at $35 per share. Required: 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.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Question
1
![The Golden Mushroom has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issues 100,000 shares of common stock for $25 per share.
February 6 Issues 2,000 shares of 8% preferred stock for $12 per share.
September 10 Purchases 10,000 shares of its own common stock for $30 per share.
December 15 Resells 5,000 shares of treasury stock at $35 per share.
Required:
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
Journal entry worksheet
<
1
2
3
Record the resale of 5,000 shares of treasury stock at $35 per share.
Note: Enter debits before credits.
Date
December 15, 2024
Record entry
4
General Journal
Clear entry
Debit
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F460763e6-93ae-409f-af36-997fae597f1e%2Fae039ed9-1442-4b57-8f4d-daf7cc6db7d0%2Ftveo38o_processed.png&w=3840&q=75)
Transcribed Image Text:The Golden Mushroom has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issues 100,000 shares of common stock for $25 per share.
February 6 Issues 2,000 shares of 8% preferred stock for $12 per share.
September 10 Purchases 10,000 shares of its own common stock for $30 per share.
December 15 Resells 5,000 shares of treasury stock at $35 per share.
Required:
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
Journal entry worksheet
<
1
2
3
Record the resale of 5,000 shares of treasury stock at $35 per share.
Note: Enter debits before credits.
Date
December 15, 2024
Record entry
4
General Journal
Clear entry
Debit
Credit
View general journal
>
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