Description of this paper

Problem 11-5A;Pringle Corporation has been authorized to issue 23,300 shares of $100 par value, 7%, noncumulative preferred stock and 1,023,100 shares of no-par common stock.;The corporation...

Description

solution


Question

Problem 11-5A Pringle Corporation has been authorized to issue 23,300 shares of $100 par value, 7%, noncumulative preferred stock and 1,023,100 shares of no-par common stock.;The corporation assigned a $4 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders? equity.;Preferred Stock $151,800;Paid-in Capital in Excess of Par Value?Preferred Stock 22,030;Common Stock 2,170,000;Paid-in Capital in Excess of Stated Value?Common Stock 1,700,000;Treasury Stock? (5,680 common shares) 79,520;Retained Earnings 82,500;The preferred stock was issued for $173,830 cash. All common stock issued was for cash. In November 5,680 shares of common stock were purchased for the treasury at a per share cost of $14. No dividends were declared in 2014.;Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);(1) Issuance of preferred stock for cash.;(2) Issuance of common stock for cash.;(3) Purchase of common treasury stock for cash.;No. Account Titles and Explanation Debit Credit;1.;2.;3.;SHOW LIST OF ACCOUNTS;LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO VIDEO;Prepare the stockholders? equity section of the balance sheet at December 31, 2014.;PRINGLE CORPORATION;Partial Balance Sheet;December 31, 2014;$;Capi

 

Paper#76676 | Written in 18-Jul-2015

Price : $22
SiteLock