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Alenkasestr [34]
3 years ago
13

Grouper Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first ye

ar of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 41,600 shares for cash at $105 per share.
July 1 Issued 123,000 shares for cash at $58 per share.

Required:
Journalize the transactions.
Business
1 answer:
Fynjy0 [20]3 years ago
3 0

Answer:

Feb-01

Dr Cash $4,368,000

Cr Prefered stock $2,080,000

Cr Paid-in capital in excess of par value-Preferred $2,288,000

Jul-01

Dr Cash $7,134,000

Cr Prefered stock $6,150,000

Cr Paid-in capital in excess of par value-Prefered $984,000

Explanation:

Preparation of the journal entries

Feb-01

Dr Cash(41,600 shares*$105) $4,368,000

Cr Prefered stock(41,600 shares*$50) $2,080,000

Cr Paid-in capital in excess of par value-Preferred $2,288,000

($4,368,000-$2,080,000)

Jul-01

Dr Cash(123,000 shares*$58) $7,134,000

Cr Prefered stock(123,000 sahres*$50) $6,150,000

Cr Paid-in capital in excess of par value-Prefered $984,000

($7,134,000-$6,150,000)

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