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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, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,800,000 210,000 15,750,000 1,400,000 52,840,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Treasury Stock Cash b. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock c. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock d. Cash Common Stock いく Paid-In Capital in Excess of Par-Common Stock e. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Cash Dividends) Cash Dividends Payable 9. Cash Dividends Payable Cash ✓ ✓ 0 ✓ ఓం రంం ఉంం రంం రటం టం టం

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, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,800,000 210,000 15,750,000 1,400,000 52,840,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Treasury Stock Cash b. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock c. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock d. Cash Common Stock いく Paid-In Capital in Excess of Par-Common Stock e. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Cash Dividends) Cash Dividends Payable 9. Cash Dividends Payable Cash ✓ ✓ 0 ✓ ఓం రంం ఉంం రంం రటం టం టం

Financial And Managerial Accounting
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, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,800,000 210,000 15,750,000 1,400,000 52,840,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Treasury Stock Cash b. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock c. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock d. Cash Common Stock いく Paid-In Capital in Excess of Par-Common Stock e. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Cash Dividends) Cash Dividends Payable 9. Cash Dividends Payable Cash ✓ ✓ 0 ✓ ఓం రంం ఉంం రంం రటం టం టం
Transcribed Image Text: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, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,800,000 210,000 15,750,000 1,400,000 52,840,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. g. Paid the cash dividends. Required: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Treasury Stock Cash b. Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock c. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock d. Cash Common Stock いく Paid-In Capital in Excess of Par-Common Stock e. Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock f. Cash Dividends) Cash Dividends Payable 9. Cash Dividends Payable Cash ✓ ✓ 0 ✓ ఓం రంం ఉంం రంం రటం టం టం
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