Winger Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions:Mar. 1Issued 10,000 shares of preferred stock at $115 per shareMar. 2Issued 120,000 shares of common stock at $12.50 per shareJun. 12Issued 10,000 shares of common stock at $15 per shareAug. 5Issued 1,000 shares of preferred stock at $112 per shareSep. 17Purchased 2,000 shares of its own common stock at $10 per share Prepared a tabular summary to record the necessary transactions. Remember to include a date on each transaction.

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Answered: Winger Corporation was organized in…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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Winger Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions:

Mar. 1	Issued 10,000 shares of preferred stock at $115 per share
Mar. 2	Issued 120,000 shares of common stock at $12.50 per share
Jun. 12	Issued 10,000 shares of common stock at $15 per share
Aug. 5	Issued 1,000 shares of preferred stock at $112 per share
Sep. 17	Purchased 2,000 shares of its own common stock at $10 per share

Prepared a tabular summary to record the necessary transactions. Remember to include a date on each transaction.

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