Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $50 par (90,000 shares authorized, 45,000 shares issued) $2,250,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $10 par (800,000 shares authorized, 180,000 shares issued) 1,800,000 Paid-In Capital in Excess of Par—Common Stock 230,000 Retained Earnings 9,837,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Purchased 48,000 shares of treasury common for $12 per share. Sold 24,000 shares of treasury common for $15 per share. Issued 23,000 shares of preferred 2% stock at $66. Issued 80,000 shares of common stock at $15, receiving cash. Sold 16,000 shares of treasury common for $10 per share. Declared cash dividends of $1.00 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $50 par (90,000 shares authorized, 45,000 shares issued) $2,250,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $10 par (800,000 shares authorized, 180,000 shares issued) 1,800,000 Paid-In Capital in Excess of Par—Common Stock 230,000 Retained Earnings 9,837,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Purchased 48,000 shares of treasury common for $12 per share. Sold 24,000 shares of treasury common for $15 per share. Issued 23,000 shares of preferred 2% stock at $66. Issued 80,000 shares of common stock at $15, receiving cash. Sold 16,000 shares of treasury common for $10 per share. Declared cash dividends of $1.00 per share on preferred stock and $0.08 per share on common stock. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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Selected Stock Transactions
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:
Preferred 2% Stock, $50 par (90,000 shares authorized, 45,000 shares issued) | $2,250,000 |
Paid-In Capital in Excess of Par— |
360,000 |
Common Stock, $10 par (800,000 shares authorized, 180,000 shares issued) | 1,800,000 |
Paid-In Capital in Excess of Par—Common Stock | 230,000 |
9,837,000 |
During the year, the corporation completed a number of transactions affecting the
- Purchased 48,000 shares of treasury common for $12 per share.
- Sold 24,000 shares of treasury common for $15 per share.
- Issued 23,000 shares of preferred 2% stock at $66.
- Issued 80,000 shares of common stock at $15, receiving cash.
- Sold 16,000 shares of treasury common for $10 per share.
- Declared cash dividends of $1.00 per share on preferred stock and $0.08 per share on common stock.
- Paid the cash dividends.
Required:
If an amount box does not require an entry, leave it blank.
a. | |||
b. | |||
c. | |||
d. | |||
e. | |||
f. | |||
g. | |||
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