Question

Woods Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet.

Preferred stock, 10%, $50 par value

(10,000 shares authorized, 4,000 shares issued)                                              $    200,000

Common stock, $5 par value

(100,000 shares authorized, 20,000 shares issued)                                                100,000

Paid-in Capital in Excess of Par – Preferred Stock                                                 20,000

Paid-in Capital in Excess of Par – Common Stock                                               360,000

Total paid-in capital                                                                                               680,000

Retained earnings                                                                                                  450,000

Total stockholders' equity                                                                                $1,130,000

During 2017, Woods took part in the following transactions concerning stockholders’ equity.

March 4	Issued 18,000 shares of common at $25 per share.
March 18	Issued 500 shares of preferred stock at $60 per share.
June 30	3-for-1 Stock Split for common stock
July 9	Purchased 3,000 shares of its own outstanding common stock for $18 per share. Cleves uses the cost method.
Aug. 1	Sold 800 shares of treasury stock at $20 a share
Oct. 10	Sold 1,000 shares of treasury stock at $15 a share
Dec. 15	The preferred stock dividend is declared, and a common stock dividend of $.50 per share is declared

Provide the journal entries to record the above transactions

Mar. 4

Mar. 18

June 30

July 9

Aug. 1

Oct. 10

           

Dec. 15

Answer 1

Hi

Let me know in case you face any issue: