Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Jan 11 | Cash (19300*16) | 308800 | |
| Common Stock | 193000 | ||
| Paid in capital in excess of par value-Common Stock | 115800 | ||
| Feb 1 | Equipment | 50600 | |
| Building | 153000 | ||
| Land | 290000 | ||
| Preferred stock | 360000 | ||
| Paid in capital in excess of par value-preferred stock | 133600 | ||
| July 29 | Treasury stock (2000*19) | 38000 | |
| Cash | 38000 | ||
| Aug 10 | Cash | 30000 | |
| retained earnings | 8000 | ||
| Treasury stock | 38000 | ||
| Dec 31 | Cash dividend (22900*.45) | 10305 | |
| Dividend payable | 10305 | ||
| Dec 31 | Income summary | 162500 | |
| Retained earnings | 162500 | ||
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following assets: equipment with a fair value of $47,300; a factory
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