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Category > Accounting Posted 19 Aug 2017 My Price 14.00

Diamondback Welding & Fabrication Corporation

PR 11-3B  Selected stock transactions                                                         ObJ.  2,  3, 4

 

Diamondback Welding & Fabrication Corporation sells and services pipe welding equip- ment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication Corporation at the beginning of the current fiscal year:

 

 

 

Preferred 2% Stock, $80 par (100,000 shares authorized,

 

60,000 shares issued)  .........................................................    $ 4,800,000

 

 

Common Stock, $9 par (3,000,000 shares authorized,

1,750,000 shares issued)   ......................................................

 

15,750,000

Paid-In Capital in Excess of Par—Common Stock .................................

1,400,000

Retained Earnings  ..............................................................

52,840,000

 
 

Paid-In Capital in Excess of Par—Preferred Stock .................................       210,000

 

 

 

 

 

 

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.

Instructions

Journalize the entries to record the transactions. Identify each entry by  letter.

 

 

 

 

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Status NEW Posted 19 Aug 2017 10:08 PM My Price 14.00

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