The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued) 3,450,000 Paid-In Capital in Excess of Par—Common Stock 450,000 Retained Earnings 15,391,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $19, receiving cash. Issued 10,000 shares of preferred 2% stock at $167. Purchased 30,000 shares of treasury common for $16 per share. Sold 15,000 shares of treasury common for $19 per share. Sold 10,000 shares of treasury common for $14 per share. Declared cash dividends of $3.00 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. Question Content Area a. Issued 50,000 shares of common stock at $19, receiving cash. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Issued 10,000 shares of preferred 2% stock at $167. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area c. Purchased 30,000 shares of treasury common for $16 per share. blank - Select - - Select - - Select - - Select - Question Content Area d. Sold 15,000 shares of treasury common for $19 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area e. Sold 10,000 shares of treasury common for $14 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. blank - Select - - Select - - Select - - Select - Question Content Area g. Paid the cash dividends. blank - Select - - Select - - Select - - Select -
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued) $3,000,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued) 3,450,000 Paid-In Capital in Excess of Par—Common Stock 450,000 Retained Earnings 15,391,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Issued 50,000 shares of common stock at $19, receiving cash. Issued 10,000 shares of preferred 2% stock at $167. Purchased 30,000 shares of treasury common for $16 per share. Sold 15,000 shares of treasury common for $19 per share. Sold 10,000 shares of treasury common for $14 per share. Declared cash dividends of $3.00 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. Question Content Area a. Issued 50,000 shares of common stock at $19, receiving cash. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Issued 10,000 shares of preferred 2% stock at $167. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area c. Purchased 30,000 shares of treasury common for $16 per share. blank - Select - - Select - - Select - - Select - Question Content Area d. Sold 15,000 shares of treasury common for $19 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area e. Sold 10,000 shares of treasury common for $14 per share. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock. blank - Select - - Select - - Select - - Select - Question Content Area g. Paid the cash dividends. blank - Select - - Select - - Select - - Select -
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
Related questions
Question
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
| Preferred 2% Stock, $150 par (40,000 shares authorized, 20,000 shares issued) | $3,000,000 |
| Paid-In Capital in Excess of Par— |
360,000 |
| Common Stock, $15 par (500,000 shares authorized, 230,000 shares issued) | 3,450,000 |
| Paid-In Capital in Excess of Par—Common Stock | 450,000 |
| 15,391,000 |
During the year, the corporation completed a number of transactions affecting the
- Issued 50,000 shares of common stock at $19, receiving cash.
- Issued 10,000 shares of preferred 2% stock at $167.
- Purchased 30,000 shares of treasury common for $16 per share.
- Sold 15,000 shares of treasury common for $19 per share.
- Sold 10,000 shares of treasury common for $14 per share.
- Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock.
- Paid the cash dividends.
Required:
Question Content Area
a. Issued 50,000 shares of common stock at $19, receiving cash.
| blank |
|
- Select - | - Select - |
|
|
- Select - | - Select - | |
|
|
- Select - | - Select - |
Question Content Area
b. Issued 10,000 shares of preferred 2% stock at $167.
| blank |
|
- Select - | - Select - |
|
|
- Select - | - Select - | |
|
|
- Select - | - Select - |
Question Content Area
c. Purchased 30,000 shares of treasury common for $16 per share.
| blank |
|
- Select - | - Select - |
|
|
- Select - | - Select - |
Question Content Area
d. Sold 15,000 shares of treasury common for $19 per share.
| blank |
|
- Select - | - Select - |
|
|
- Select - | - Select - | |
|
|
- Select - | - Select - |
Question Content Area
e. Sold 10,000 shares of treasury common for $14 per share.
| blank |
|
- Select - | - Select - |
|
|
- Select - | - Select - | |
|
|
- Select - | - Select - |
Question Content Area
f. Declared cash dividends of $3.00 per share on preferred stock and $0.08 per share on common stock.
| blank |
|
- Select - | - Select - |
|
|
- Select - | - Select - |
Question Content Area
g. Paid the cash dividends.
| blank |
|
- Select - | - Select - |
|
|
- Select - | - Select - |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning