Solution:
Journal Entries |
||
Particulars |
Debit |
Credit |
Cash (20,000 * $14) |
280,000 |
|
Common stock (20,000 * $9) |
180,000 |
|
Additional paid-in capital - Common stock |
100,000 |
|
Cash (15,000 * $30) |
450,000 |
|
Preferred stock (15,000 * $25) |
375,000 |
|
Additional paid-in capital - Preferred stock |
75,000 |
|
Cash (59,000 * $17) |
1,003,000 |
|
Common stock (59,000 * $9) |
531,000 |
|
Additional paid-in capital - Common stock |
472,000 |
Balance sheet (Partial) |
||
Stockholder's Equity: |
||
Capital stock: |
||
Cumulative Class A preferred stock (5 percent, $25 stated value, |
375,000 |
|
35,000 shares authorized, 15,000 issued shares and outstanding) |
||
Common stock ($9 par value, 330,000 authorized shares , 79,000 |
711000 |
|
shares issued and outstanding,) |
||
Total capital stock |
1,086,000 |
|
Additional paid-in capital: |
||
In excess of par value - Preferred stock |
375,000 |
|
In excess of par value - Common stock |
572,000 |
|
Total additional paid-in capital |
947,000 |
|
Total paid-in capital |
2,033,000 |
|
Check my work Exercise 8-7 Recording and reporting common and preferred stock transactions LO 8-3 Eastport...
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