FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Year 2023 - Wyly Corp. experienced the following events related to its common stock and preferred stock during 2023. Jan 15, issued 100,000 more shares of its $2 Par Value common stock for $15 per share. On March 1, declared dividends of $450,000 on common stock payable on November 1, to stockholders of record as of July 1. On September 15, declared dividends on its $10 Par Value 4% preferred stock payable on November 1, to stockholders of record as of October 1. There are 250,000
Year 2024 - On January 3, 2024, Wyly repurchased, as
Requirements:
- Record the 2023 common stock and preferred stock issues and dividends in the general journal. Include the appropriate dates for each transaction.
- In 2024, after all of the treasury stock transactions (after October 15, 2024), how many shares of treasury stock does Wyly have?
- What is the balance in the Treasury Stock account after the October 15, 2024 transaction?
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