Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 5.00

ABC Inc.

ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock:
Preferred Stock: 7%, par value $100 per share, 100,000 shares.
Common Stock: $1 par value, 500,000 shares.

The following transactions occurred during the year:

1/19/12 Ac€?o Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 Ac€?o Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 Ac€?o Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 Ac€?o Declared and paid a total dividend of $95,000.

Required:
1. Prepare the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred stock.
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Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 10:09 PM My Price 5.00

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