Eugene Inc.’s statement of stockholders’ equity on December 31, 2016 is as follows: 5% cumulative preferred...
| Eugene Inc.’s statement of stockholders’ equity on December 31, 2016 is as follows: | ||||
| 5% cumulative preferred stock, $75 par,10,000 shares authorized; 6,000 shares issued and outstanding | $450,000 | |||
| Common stock, $1 par, 500,000 share authorized; 385,000 shares issued and outstanding | 385,000 | |||
| Paid-in capital in excess of par - Preferred stock | 25,000 | |||
| Paid-in capital in excess of par - Common stock | 2,045,000 | |||
| Retained earnings | 220,000 | |||
| Total stockholders’ equity | $3,125,000 | |||
| The following transactions occurred during 2017: | ||||
| Instruction: Prepare Journal entries for each of them. | ||||
| 3-Feb | Issued 2,500 shares of preferred stock for $75 per share. | |||
| 25-Apr | Issued 50,000 shares of common stock for $15 per share. | |||
| 15-Jun | Repurchased 15,000 shares of common stock at $10.50 per share. | |||
| 24-Oct | Sold 7,500 shares of treasury stock bought on June 15 for $24 per share. | |||
Homework Answers
Solution
| Debit | Credit | |||
| 03-Feb | Issued 2,500 shares of preferred stock for $75 per share. | |||
| Cash | $187,500.00 | |||
| Preferred stock | $ 187,500.00 | |||
| 25-Apr | Issued 50,000 shares of common stock for $15 per share. | |||
| Cash | $750,000.00 | |||
| Common stock | $ 50,000.00 | |||
| Paid-in capital in excess of par - Common stock | $ 700,000.00 | |||
| 15-Jun | Repurchased 15,000 shares of common stock at $10.50 per share. | |||
| Cash | $157,500.00 | |||
| Common stock | $ 15,000.00 | |||
| Paid-in capital in excess of par - Common stock | $ 142,500.00 | |||
| 24-Oct | Sold 7,500 shares of treasury stock bought on June 15 for $24 per share. | |||
| Treasury stock | $180,000.00 | |||
| Cash | $ 180,000.00 | |||
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