Maurice Tutor

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Category > Management Posted 07 Jul 2017 My Price 12.00

Pringle Corporation

Pringle Corporation has been authorized to issue 23,700 shares of $100 par value, 7%, noncumulative preferred stock and 1,170,700 shares of no-par common stock.
The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
Preferred Stock   $150,200
Paid-in Capital in Excess of Par Value—Preferred Stock   21,280
Common Stock   2,140,000
Paid-in Capital in Excess of Stated Value—Common Stock   1,581,000
Treasury Stock— (3,810 common shares)   41,910
Retained Earnings   80,500

The preferred stock was issued for $171,480 cash. All common stock issued was for cash. In November 3,810 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014.
 
Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1)   Issuance of preferred stock for cash.
(2)   Issuance of common stock for cash.
(3)   Purchase of common treasury stock for cash.

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Maurice Tutor
(5)
Status NEW Posted 07 Jul 2017 01:07 PM My Price 12.00

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