could someone help with this problem 5. Tyler Corporation was...
80.2K
Verified Solution
Link Copied!
Question
Accounting
could someone help with this problem
5. Tyler Corporation was organized in 2015. Its corporate charter authorized the issuance of 50,000 shares of common stock, par value $5 per share, and 10,000 shares of 8% preferred stock, par value $25 per share. The following transactions took place during 2015: January 1 Sold and issued 45,000 shares of common stock for cash at $25 per share. February 1 Sold and issued 5,000 shares of preferred stock for cash of $75 per share. June 1 Repurchased 7,500 shares of common stock at $24 per share. August 1 Sold 1,000 shares of the treasury stock at $26 per share. October 1 Sold another 1,500 shares of the treasury stock at $23 per share. December 1 Declared cash dividends totaling $100,000. December 31 Paid the cash dividends that were declared. Required: Part a. Prepare journal entries for each of the following transactions: Part b. Compute the number of shares of common stock issued and outstanding at December 31, 2015
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
