Sarah Co. has the following stockholders' equity for 12/31/2019: 25,000 A 1,400 26,400 Preferred stock, 8%,...

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Sarah Co. has the following stockholders equity for 12/31/2019: 25,000 A 1,400 26,400 Preferred stock, 8%, $50 par, 8,000 sh

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Answer 1

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a1) Journal entry

Date	account and explanation	Debit	Credit
	Cash	3500
	Treasury Stock (100*25)		2500
	Paid in capital from sale of treasury stock		1000

Stockholder's equity

Preferred stock	25000
Common Stock	1400
Total Capital Stock	26400
Additional paid in capital
Preferred	-
Common	208600
Paid in capital from sale of treasury Stock	1000
Total paid in capital	236000
Retained earnings	370000
Total	606000
Treasury Stock	-5000
Total Stockholder's equity	601000

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