Leone Co. had the following transactions during the current period. – Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate. – June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000. – July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. – Nov. 28 Purchased 2,000 shares of treasury stock for $80,000. Instructions: Journalize the transactions.

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A:

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A:

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A: a.

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A: 1.

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A:

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Q: total legal capital

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.