Question
In: Accounting
January 1, 2018, Apple is authorized to issue 200,000 shares $1.00 par common stock and 5,000...
January 1, 2018, Apple is authorized to issue 200,000 shares $1.00 par common stock and 5,000 shares $200 par 5% cumulative and non-participating preferred stock. The transactions took place in 2018
Jan 14: issue 5,000 shares of common stock at $17 per share
Feb 2: issue 4,000 shares of preferred stock in exchange for building with a fair market value of $800,000
July 6: Re-purchased 2,000 shares of common stock at $18 per share (cost method)
Aug 15: sold 2,000 of the treasury shares at $19 per share
Dec 31: declared preferred dividends and a common stock dividends of $2.00 per share
Dec 31: close the income summary account ($150,000 of net income)
Prepare Journal entries for each transaction and prepare the statement of changes in OE for the 2018 year end.
Solutions
ekkarill92 answered 4 months agoRelated Solutions
January 1, 2018, a company is authorized to issue 200,000 shares $1.00 par common stock and...
January 1, 2018, a company is authorized to issue 200,000 shares
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non-participating preferred stock. The transactions took place in
2018
Jan 14: issue 5,000 shares of common stock at $17 per share
Feb 2: issue 4,000 shares of preferred stock in exchange for
building with a fair market value of $800,000
July 6: Re-purchased 2,000 shares of common stock at $18 per
share (cost method)
Aug 15: sold...
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