un Corporation received a charter that authorized the issuance of 105,000 shares of $5 par common stock and 21,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 15,750 shares of the $5 par common stock for $7 per share. January 12 Sold 2,100 shares of the 6 percent preferred stock for $110 per share. April 5 Sold 21,000 shares of the $5 par common stock for $9 per share. December 31 During the year, earned $300,500 in cash revenue and paid $241,900 for cash operating expenses. December 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. December 31 Closed the revenue, expense, and dividend accou

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 490,000 shares of $9 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Incorporated : 1. Issued 24,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $35 per share. 3. Issued 55,000 shares of common stock for $17 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity Common stock Preferred stock Paid-in capital in excess of par-common stock Paid-in capital in excess of stated value-preferred stock Total Paid-In Capital EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total stockholders' equity $ 711,000 330,000 0 $ 1,041,000 $ 1,041,000

Texas Gun Stores Inc was authorized to issue 65,000 $5.50 non-cumulative preferred shares and an unlimited number of common shares. The company's fiscal year end is December 31. During 1975, their first year of operations, the following selected transactions occurred: January 3 Issued 11,000 common shares at $7.50 each for cash. May 3 8,000 preferred shares and 9,000 common shares were issued at $22.00 and $9.00 respectively, for cash. October 14 1,600 common shares were issued in exchange for a van with a fair value of $32,000. December 15 The company declared the required cash dividend on the preferred shares and a $2 per common share cash dividend payable on January 30, 1976 to the shareholders of record of January 20, 1976.   Required: Prepare journal entries to record the above 1975 transactions.

North Wind Aviation received its charter during January authorizing the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 41,000 shares of the common stock for $16 per share. Issued 11,000 shares of the preferred stock at $17 per share. Issued 3,100 shares of the common stock at $21 per share and 1,100 shares of the preferred stock at $17. Net income for the first year was $49,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31. please avoid solutions in image format thank you

Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Mar. 1 Issued 20,000 shares of preferred stock at $115 per share. Mar. 2  Issued 150,000 shares of common stock at $13 per share. Apr. 10 Issued 15,000 shares of common stock for equipment valued at $198,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 12,000 shares of common stock at $15 per share. Aug. 5 Issued 1,000 shares of preferred stock at $112 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9 Mar.…

Sun Corporation received a charter that authorized the issuance of 88,000 shares of $5 par common stock and 20,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation:   Year 1 Jan. 5   Sold 13,200 shares of the $5 par common stock for $7 per share.   12   Sold 2,000 shares of the 6 percent preferred stock for $110 per share. Apr. 5   Sold 17,600 shares of the $5 par common stock for $9 per share. Dec. 31   During the year, earned $316,300 in cash revenue and paid $237,300 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 3,000 shares of the $100 par preferred stock for $120 per share. May 5   Purchased 400 shares of the…

EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 3,000 shares of its own common stock at $16 per share. Apr. 10 Reissued 1,500 shares of its common stock held in the treasury for $20 per share. Jun. 12 Reissued 1,500 shares of common stock at $14 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank Mar 1.           Apr. 10                 Jun. 12