Question

Print item Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 19,000 shares of no-par common stock at $45. On February 14, Shamrock issued at par value 6,000 shares of preferred 8% stock, $50 par for cash. On August 30, Shamrock issued for cash 29,000 shares of preferred 8% stock. $50 par at $56. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Feb. 14 Cash Preferred Stock Aug. 30 Cash Preferred Stock 100 Paid In Capital in Excess of Par-Preferred Stock ched My work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and how it applies to how the sale of stock is recorded. Learning Objective 2. < Previous Next Check My Work A 4 HAM 001126/2019 De 10 e

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

A. C E 1 Answer 2 Cash (19000 45) Common Stock (19000*45) 3 Jan.22 855000 855000 5 Cash (6000 50) Preferred Stock (6000*50) 6 Feb.14 300000 7 300000 Cash (29000 56) Preferred Stock (29000*50) Paid in Capital in Excess of Par Preferred Stock (29000*6) 9 Aug.30 1624000 10 1450000 11 174000 12